The Commercial Card business of JP Morgan has selected TSYS, a credit card issuer and processor, to provide virtual payment solution.
JP Morgan will offer TSYS’ commercial card payables solution, Virtual Payment Precept (VPP), to its corporate customers.
The VPP solution is designed to generate secure, virtual and single-use account information in real-time.
TSYS said that its VPP platform is a more efficient system for reducing risk and making transaction reconciliation earlier by both accounts payable and receivable.
Using the platform, the bank will be able to issue cards on both the Visa and Mastercard networks.
TSYS group executive of commercial services Scot Yarbrough said: “We are thrilled that JP Morgan’s Commercial Card business is utilising our solution to continue to grow their business by leveraging the latest technologies.”
JP Morgan head of commercial card product Naney Pandit said: “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.”