JPMorgan Chase to Simplify Sending and Receiving Business Payments
Enhancing its digital banking platform for businesses with a new solution in collaboration with Bill.com
New York, NY Sep 19, 2017 JPMorgan Chase announced today its plans to deliver a simpler and faster way for businesses to send and receive invoices and payments. This new automated payments solution will be part of Chase’s enhanced digital platform, and it will help clients save time and improve cash flow.
Chase’s collaboration with Bill.com, the largest digital business to business (B2B) payments network in the United States, is the latest example of the firm investing in technology to provide clients with an enhanced digital experience customized to meet their needs.
“We are continuously working to deliver more value and functionality to our clients,” said Doug Petno, CEO of Commercial Banking. “We are excited to work with Bill.com to offer a more convenient and efficient way for our clients to manage their payments.”
This B2B payments solution, to be rolled out next year, will be seamlessly integrated into Chase’s digital platform for businesses, which is designed to simplify the banking experience with a convenient and intuitive online and mobile solution.
“Being the easiest bank to work with includes finding ways to help businesses move toward digital automation and quicker time to money,” said Andrew Kresse, CEO of Business Banking. “This solution does just that and truly adds value by offering back something every business owner needs a little more of – time in their day.”
Re-engineering how businesses send and receive money
This innovative payments and invoicing solution will help Chase’s clients get paid faster and save up to 50 percent of the time they spend manually managing their bills.
Businesses will have access to more than 2.5 million members on the Bill.com network, as well as a self-tailored solution that enables them to:
- Easily send and receive electronic payments, invoices and documents
- Manage and store invoices and documents electronically
- Provide employees, customers and vendors with efficient digital workflows
- Sync information with leading accounting software, eliminating data entry
“We’re thrilled to work with JPMorgan Chase to re-engineer how businesses pay and get paid,” said René Lacerte, founder and CEO of Bill.com. “Chase clients will be able to say goodbye to sending and receiving paper checks and hello to a new era of time and cost savings.”
JPMorgan Chase also made a strategic investment in Bill.com as part of a firmwide commitment to build relationships with fintech partners to help craft the best business solutions for clients. This collaboration is the latest initiative by the firm to tap into fintech expertise to serve clients better, following agreements for small business lending, mortgage origination and auto purchase and financing.
Chase is the U.S. consumer and commercial banking business of JPMorgan Chase & Co. (NYSE: JPM), a leading global financial services firm with assets of $2.6 trillion and operations worldwide. Chase serves nearly half of America’s households with a broad range of financial services, including personal banking, credit cards, mortgages, auto financing, investment advice, small business loans and payment processing. Customers can choose how and where they want to bank: 5,200 branches, 16,000 ATMs, mobile, online and by phone. For more information, go to Chase.com.
Bill.com is the leading business payments network, with over 2.5 million members paying and getting paid over $36 billion per year. Bill.com saves companies more than 50 percent of the time typically spent on financial back-office operations by automating end-to-end processes. Bill.com helps businesses connect and do business by tying together finance and accounting programs, banks, customers, vendors, accounting professionals, and documents. The company is the choice of 4 of the top 10 U.S. banks; leading accounting software providers QuickBooks Online and Xero; and over 50 percent of the top 100 U.S. accounting firms. It is the only business payments solution endorsed by the American Institute of CPAs (AICPA). The recipient of more than 70 awards, Bill.com proudly received multiple PC Magazine's Editor's Choice Awards and CEO René Lacerte was recently recognized as an E&Y Entrepreneur of the Year.
Ashley Frost, Ashley.C.Frost@jpmorgan.com