JPMorgan Chase has teamed with Bill.com, the largest digital business-to-business (B2B) payments network in the U.S., for its new paytech platform, reports Banking Technology (Paybefore’s sister publication).
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 JPMorgan 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 percent of the time they spend manually managing their bills. The solution includes sending and receiving payments and invoices electronically; and syncing information with accounting software.
JPMorgan 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 infographic will show you where top U.S. banks are investing in fintech.
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 more than 2.5 million members paying and getting paid more than $36 billion per year. The company’s technology also is used by accounting software providers QuickBooks Online and Xero.
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