J.P. Morgan is investing in its quickly-growing Single-Use Accounts (SUA) solution by making it more easily configurable for buyers and providing greater value to suppliers. In addition, J.P. Morgan also announced the integration of its AP automation platform with its trade finance platform, facilitating the creation of an integrated supply chain finance offering.

J.P. Morgan SUA provides secure, efficient card-based payment delivery that is designed to streamline the payment process and improve cash flow for both buyers and suppliers. The solution is one of the fastest growing products in the company's AP portfolio. Client AP spend via J.P. Morgan SUA nearly quadrupled from 2008 to 2010. One of the reasons for the product's growth is its effectiveness in reducing credit card fraud.

J.P. Morgan recently created a more comprehensive SUA solution that includes several new features, providing distinct benefits to both buyers and suppliers. Using SUA, buyers now can obtain greater visibility into spending through more sophisticated reporting and payment information and leverage new on-boarding tools to more easily and more quickly ramp suppliers. The new platform also enables buyers to integrate directly with their enterprise resource planning (ERP) systems to create and reconcile SUA payments and to add full working capital and AP automation services (e.g., e-invoicing) when ready.

"Our Single-Use Accounts offering is a cornerstone of J.P. Morgan's AP portfolio. Clients are realizing the true value of an electronic card solution: an efficient, low cost alternative to paper checks that offers rebates as well as excellent spend visibility and tracking," said David Peraino, managing director, B2B Payment Solutions, J.P. Morgan. "Our growth in both client adoption and spend is reflective of this value and will drive further innovation in this product area going forward."

On the Supplier side, SUA offers a portal where suppliers can receive SUA payment details, including full card number details, cleared status, and comprehensive remittance information for invoice and payment reconciliation. SUA also provides self-service tools for enrollment, enabling suppliers to easily connect to other buyers. SUA also enables suppliers to get paid on invoices more quickly than they would through paper check processing by providing them with secure, detailed remittance data via e-mail or the supplier portal. SUA eliminates check processing costs, courier fees and AR collections processes. Leveraging J.P. Morgan's AP automation platform, suppliers have the flexibility to receive not only SUA payments, but can process multiple additional payment types such as ACH, wire, etc.

Also announced today is the availability of J.P. Morgan's Supply Chain Finance offering for clients of its AP solutions. As a global financial institution, J.P. Morgan is well-positioned to provide much needed liquidity to the supply chain. Supply Chain Finance enables buyers to increase their working capital by giving suppliers the ability to sell receivables at a discount and receive funds immediately, accelerating cash receipt and potentially taking advantage of favorable rates. By doing so, buyers improve their supplier relationships through prompt payment delivery, while potentially mitigating the impact of extended days payables outstanding (DPO).

"Integrating our AP portfolio with our supplier finance trade platform enables buyers to put in place a wider suite of payables-related solutions while minimizing the number of interfaces and technology platforms," said David Conroy, managing director, J.P. Morgan.