J.P. Morgan today announced that it has introduced new functionality to its Order-to-Pay solution to help suppliers more easily connect to its growing network of more than 100,000 buyers and suppliers. J.P. Morgan said that its global Order-to-Pay e-invoicing and payment processing (EIPP) network grew nearly thirty percent in the past year, indicating that businesses are increasingly seeing the value in automating accounts payable processes.
Just recently, J.P. Morgan launched a new patent-pending e-invoicing functionality for suppliers, called Auto-Configuration E-File, which enables suppliers to eliminate upfront implementation costs and bypass the need for specialized IT skills. Using Auto-Configuration E-File, suppliers can quickly begin to interact with their buyers in an automated fashion. Designed primarily for small and medium size suppliers, Auto-Configuration E-File enables suppliers to load invoice files directly from their current billing system, versus having to enter them one-by-one, minimizing keystroke errors and increasing the efficiency with which suppliers can transact with their buyers.
"J.P. Morgan continues to strengthen its commitment to Order-to-Pay suppliers by offering improved support and more choices in how they transact with buyers. The diversity of options we offer to suppliers to connect to the network is key to making it accessible for small and large suppliers alike," said Eduardo Vergara, global commercial card executive, J.P. Morgan. "The significant growth of suppliers participating in our network is due, in part, to the ease and choice of connectivity we provide to suppliers."
In addition to the new Auto-Configuration E-File functionality, J.P. Morgan recently introduced a number of other enhancements for suppliers, including a free Invoice Web Form that enables infrequent use suppliers to electronically submit non-Purchase Order invoices via Order-to-Pay without the need to set up an Order-to-Pay account. J.P. Morgan also launched a revamped supplier home page and expanded customer service hours. J.P. Morgan provides dedicated relationship managers to high volume suppliers on the network, ensuring they are able to work with someone knowledgeable of their specific needs and processes.
J.P. Morgan's Order-to-Pay solution offers distinct benefits to suppliers, including:
* Choice - Suppliers have a variety of options to choose from for receiving purchase ce chase orders and sending invoices, making the solution easy and efficient for suppliers of any size. Multiple payment options are provided, including ACH, paper check, card and wire.
* Transparency -- The dedicated supplier portal enables users to easily track the latest status of invoices and payments at any time. Order-to-Pay not only provides visibility into payment status, but enables suppliers to choose how and when they get paid.
* Service -- J.P. Morgan's dedicated Supplier Services desk ensures that suppliers can get personalized, knowledgeable support. Additional benefits include cost reduction through the reduction of paper and postage costs, and the elimination of phone-based inquiries regarding invoice and payment status.
"Attracting supplier interest in an EIPP enrollment is critical to the success of any AP automation program. AP/EIPP providers, such as J.P. Morgan, strive to make participation seamless while adding value to the supplier relationship. We believe that what makes J.P. Morgan's Order-to-Pay solution so successful for suppliers is the variety of transaction methods offered, the immediate access to invoice and payment transactions, and access to dedicated supplier services experts," said Henry Ijams, managing director of PayStream Advisors. "An AP/EIPP platform that only serves the needs of buyers is only solving a fraction of the AP automation challenge. Providers must serve suppliers' unique needs to create lasting supplier value and drive participation."
J.P. Morgan's Order-to-Pay solution enables suppliers to electronically receive purchase orders, submit and track invoices, receive detailed remittance information, and take advantage of early payment opportunities to improve cash flow management. J.P. Morgan's network of suppliers ranges from small companies of one or two people to Fortune 500 companies, representing virtually every industry segment. In 2010, buyers and sellers transacted more than $155 billion in business via the Order-to-Pay network.