JP Morgan picks Bora to automate SUA B2B payments
Bora Payment Systems is collaborating with JP Morgan to automate delivery of the bank’s Single-Use Accounts (SUA) payments, reports Jane Connolly.
With Bora’s Payer Direct Hub (PDH) on board, JP Morgan’s clients will be able to encourage suppliers to adopt virtual card payments.
The platform aims to streamline the accounts receivable process, cut costs and improve cash flow with straight-through transaction processing and remittance posting of virtual card payments to suppliers.
“With this innovative collaboration, SUA clients gain a powerful new tool for supplier access and retention,” says Molly Walsh, head of commercial card at JP Morgan. “The benefits delivered by PDH in conjunction with JP Morgan’s exceptional commercial card capabilities, gives the most discerning and valuable suppliers quantifiable reasons to accept card payments.”
Bora’s PDH is a patented business-to-business Buyer-Initiated Payment (BIP) service for purchase cards.