JP Morgan Chase goes in for the Bill for digital payments platform
JP Morgan Chase has teamed with Bill.com, the largest digital business-to-business (B2B) payments network in the US, for its new paytech platform.
This B2B solution, to be rolled out next year, will be integrated into Chase’s digital platform for businesses, used for online and mobile solutions.
Andrew Kresse, CEO of business banking at JP Morgan Chase, says the solution “adds value by offering back something every business owner needs a little more of – time in their day”.
According to the bank, it will help its clients save up to 50% of the time they spend manually managing their bills. The solution includes sending and receiving electronically; and syncing information with accounting software.
JP Morgan Chase also made an undisclosed investment in Bill.com. This is the latest initiative by the bank to tap into fintech firms, following agreements for small business lending, mortgage origination and auto purchase and financing. This handy infographic will show you where top US banks are investing in fintech.
By the way, earlier this year, Capital One Spark Business announced “strategic partnerships” with two fintech companies, one of them being Bill.com.
According to Bill.com, it has over 2.5 million members paying and getting paid over $36 billion per year. The company is also used by accounting software providers QuickBooks Online and Xero.
