September 19th, 2017
Today is the day we’ve all been waiting for—businesses are finally going to get what consumers have had for over 15 years—an intuitive, integrated payments solution from their bank that helps them do things faster, smarter, and easier. At Bill.com, we are proud to announce that we are working with JPMorgan Chase to reinvent payments for their business clients. As part of a firm-wide commitment to invest in technology and bring the best solutions to clients, JPMorgan Chase selected Bill.com to help provide a world class banking experience businesses deserve.
JPMorgan Chase and Bill.com have a shared vision to eliminate checks and paper from the back office. Most businesses today are still wrestling with paper checks and manual payment processes. In fact, 51% of all B2B payments in the United States are made by paper check and more than 60% require manual intervention, according to a survey by the Association for Financial Professionals. That adds up to $180 billion in annual costs for businesses, and so the market need for business payment innovation couldn’t be clearer.
By working with Bill.com, JPMorgan Chase will empower businesses to have the cash flow visibility that will help them thrive. With the new solution, JPMorgan Chase’s clients can save up to 50% of the time typically spent on financial back-office operations by automating the end-to-end payments and invoicing processes.
Businesses will have access to a tailored and integrated solution that will eliminate manual data entry, seamlessly sync with leading accounting software, and enable digital collaboration with vendors and customers. Not only will businesses be able to reduce paper checks, but they’ll be able to send and receive payments digitally through the nation’s largest business payments network.
For more information about how Bill.com is reimagining the business banking experience, visit www.Bill.com/banks to learn more.