Chase, the U.S. consumer and commercial banking business of JPMorgan Chase, today announced that it is offering new commercial card payment solutions and capabilities to its mid-market corporate client base. As part of its continued initiative to enhance the power and scope of its commercial card offerings, Chase is introducing single-use accounts technology to middle market businesses and offering new online reporting and program management capabilities. The bank also has revamped its mid-market corporate rewards program and introduced a streamlined executive card program.
“These improvements provide payment solutions to help mid-sized businesses control costs, improve working capital, streamline accounts payable processes and improve visibility into spending,” said Eduardo Vergara, global commercial card executive, JPMorgan Chase Businesses, in a statement. “As a banking partner, Chase also provides an integrated reporting solution, compelling rebates and strong card acceptance, while ensuring that cardholders are served well.”
Chase's single-use accounts or ‘virtual card’ solution enables mid-market clients to automatically generate one-time-use-only credit card numbers to pay for larger, single purchases. Chase has integrated the solution with its own in-house Order-to-Pay network and user interface to enable program administrators to leverage additional value from advanced workflow tools, electronic invoicing and settlement capabilities. Clients also have increased opportunities to capture early payment discounts. They provide customers with the flexibility, float and rebate of a purchasing card while delivering security, anti-fraud and reconciliation features. The solution also helps accounts payable departments eliminate paper-based check payments, lower invoice processing costs and optimize working capital while paying suppliers faster. The solution is available in four currencies.
Chase is migrating its middle-market commercial card clients to MasterCard’s upgraded smartdata.gen2 reporting platform. This new online program management and reporting tool helps clients organize, consolidate, analyze and manage financial data from card transactions. The upgraded platform delivers online billing statements, receipt imaging capabilities, new online card application, and an enhanced expense reporting solution. The platform also will deliver online payment capabilities and improved fraud monitoring tools in the near future. The platform is intended to help businesses better manage expenditures, control costs, boost productivity and improve compliance. Chase has 146 million credit cards issued.