Visa and payment management company Billtrust have announced that J.P. Morgan will use Billtrust’s Business Payments Network (BPN), streamlining the delivery of electronic B2B payments for J.P. Morgan Commercial Card clients. Participating clients will now be able to use BPN’s connected platform of suppliers to send and receive digital payments more efficiently and quickly.
According to Levvel Research’s 2019 Payables Insight Report, more than half (57%) of all organisations still use manual data entry, and 71% of companies say manual data entry and inefficient processes are pain points for accounts payable. These processes take valuable time and increase the potential for costly errors.
Since launching BPN, Billtrust has automated almost two billion dollars in virtual card payments for suppliers participating in BPN. Traditionally routed through email, automating these payments through BPN eliminate paper waste and over 55,000 hours of manual data entry, processing and invoice matching against suppliers’ outstanding invoices.
Visa recently collaborated with Billtrust to launch BPN in an effort to redefine digital B2B payments and address current industry challenges. BPN is designed to address current industry challenges by:
- Providing a connected platform for suppliers, buyers, financial institutions, and accounts payable and accounts receivable software providers.
- Publishing an online directory that contains a full view of participating suppliers and their payment acceptance preferences.
- Providing financial institutions and corporate buyers with ability to deliver digital payments directly to the suppliers’ acceptance platforms.
- Enabling complex financial and payment data to seamlessly come together at scale while delivering streamlined reconciliation to suppliers and buyers