JPMorgan has become the first issuer to sign up to Visa and Billtrust's Business Payment Network as part of an effort to streamline the delivery of electronic B2B payments for the bank's commercial card clients.
BPN is designed to provide an automated platform for buyers as they deliver digital payments directly to their suppliers’ acceptance platforms, eliminating the arduous manual entry of payments typically routed through e-mail. The network streamlines reconciliation to suppliers and more quickly replenishes buyers’ credit lines.
Since launching BPN last year, Billtrust says it has automated almost two billion dollars in virtual card payments for suppliers participating in the network.
“Since announcing BPN last year, we have received very positive feedback from financial institutions and are pleased to have JPMorgan as our first issuer using the platform,” says Kevin Phalen, global head, Visa Business Solutions. “We are on track to surpass $1 trillion in payment volume this year and will continue to find new ways to integrate digital payments into B2B payment flows.”