JPMorgan Chase has joined forces with Bill.com, a US-based business-to-business (B2B) payments network, to allow businesses send and receive electronic payments and invoices faster.
The bank will integrate Bill.com’s B2B payments solution into its digital platform for businesses.
Apart from allowing clients to send and receive electronic payments easily, Bill.com’s technology will also help customers electronically manage and store invoices and documents, sync information with leading accounting software and phase out data entry.
The bank said that the solution will help its clients to save up to 50% of their time spent on manual bill management.
JPMorgan Chase CEO of business banking Andrew Kresse said: “Being the easiest bank to work with includes finding ways to help businesses move toward digital automation and quicker time to money. This solution does just that and truly adds value by offering back something every business owner needs a little more of – time in their day.”
Bill.com founder and CEO Rene Lacerte added: “We’re thrilled to work with JPMorgan Chase to re-engineer how businesses pay and get paid. Chase clients will be able to say goodbye to sending and receiving paper checks and hello to a new era of time and cost savings.”