TSYS (NYSE: TSS) announced today that J.P. Morgan will offer TSYS’ Virtual Payment PreceptSM (VPP), a strategic commercial card payables solution to corporations.
TSYS’ VPP enables the generation of secure, virtual, single-use account information in real-time with more control over account and transaction parameters. It will allow J.P. Morgan to broaden their virtual card solution through issuance on both the Visa® and Mastercard® networks.
TSYS’ VPP reduces risk, improves operational efficiency and makes it easier for both accounts payable and accounts receivable to reconcile transactions. Virtual cards replace primary account numbers on physical purchasing cards, making them the most secure, fraud-proof method of paying suppliers by placing strict limits around what each virtual account number can be used for when making a purchase.
“TSYS takes pride in being a trusted partner in commercial payments, helping our clients implement a best-in-class payables platform,” said Scot Yarbrough, Group Executive of Commercial Services, TSYS. “We are thrilled that J.P. Morgan’s Commercial Card business is utilizing our solution to continue to grow their business by leveraging the latest technologies.”
“Virtual cards are a vital component of our clients’ payments strategy and business operations and this will continue to power our clients’ and suppliers’ growth,” said Naney Pandit, Head of Commercial Card Product at J.P. Morgan.