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J.P. Morgan’s Order-to-Pay Network Crosses 100,000 Supplier Threshold as More Businesses Automate Accounts Payable Processes

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J.P. Morgan’s Order-to-Pay Network Crosses 100,000 Supplier Threshold as More Businesses Automate Accounts Payable Processes Powered By Docstoc
					J.P. Morgan’s Order-to-Pay Network Crosses
100,000 Supplier Threshold as More Businesses
Automate Accounts Payable Processes
New Functionality Helps Suppliers More Easily Connect to Growing Settlement Network without
Implementation Costs

March 31, 2011 09:19 AM Eastern Daylight Time 

NEW YORK--(EON: Enhanced Online News)--J.P. Morgan today announced that it has introduced new
functionality to its Order-to-Pay solution to help suppliers more easily connect to its growing network of more than
100,000 buyers and suppliers. J.P. Morgan said that its global Order-to-Pay e-invoicing and payment processing
(EIPP) network grew nearly thirty percent in the past year, indicating that businesses are increasingly seeing the value
in automating accounts payable processes.

Just recently, J.P. Morgan launched a new patent-pending e-invoicing functionality for suppliers, called Auto-
Configuration E-File, which enables suppliers to eliminate upfront implementation costs and bypass the need for
specialized IT skills. Using Auto-Configuration E-File, suppliers can quickly begin to interact with their buyers in an
automated fashion. Designed primarily for small and medium size suppliers, Auto-Configuration E-File enables
suppliers to load invoice files directly from their current billing system, versus having to enter them one-by-one,
minimizing keystroke errors and increasing the efficiency with which suppliers can transact with their buyers.

“J.P. Morgan continues to strengthen its commitment to Order-to-Pay suppliers by offering improved support and
more choices in how they transact with buyers. The diversity of options we offer to suppliers to connect to the
network is key to making it accessible for small and large suppliers alike,” said Eduardo Vergara, global commercial
card executive, J.P. Morgan. “The significant growth of suppliers participating in our network is due, in part, to the
ease and choice of connectivity we provide to suppliers.” 

In addition to the new Auto-Configuration E-File functionality, J.P. Morgan recently introduced a number of other
enhancements for suppliers, including a free Invoice Web Form that enables infrequent use suppliers to electronically
submit non-Purchase Order invoices via Order-to-Pay without the need to set up an Order-to-Pay account. J.P.
Morgan also launched a revamped supplier home page and expanded customer service hours. J.P. Morgan provides
dedicated relationship managers to high volume suppliers on the network, ensuring they are able to work with
someone knowledgeable of their specific needs and processes.

J.P. Morgan’s Order-to-Pay solution offers distinct benefits to suppliers, including:

    l   Choice – Suppliers have a variety of options to choose from for receiving purchase orders and sending
        invoices, making the solution easy and efficient for suppliers of any size. Multiple payment options are
        provided, including ACH, paper check, card and wire.
    l   Transparency -- The dedicated supplier portal enables users to easily track the latest status of invoices and
        payments at any time. Order-to-Pay not only provides visibility into payment status, but enables suppliers to
        choose how and when they get paid.
    l   Service -- J.P. Morgan’s dedicated Supplier Services desk ensures that suppliers can get personalized,
        knowledgeable support. Additional benefits include cost reduction through the reduction of paper and postage
        costs, and the elimination of phone-based inquiries regarding invoice and payment status.

“Attracting supplier interest in an EIPP enrollment is critical to the success of any AP automation program. AP/EIPP
providers, such as J.P. Morgan, strive to make participation seamless while adding value to the supplier relationship.
We believe that what makes J.P. Morgan’s Order-to-Pay solution so successful for suppliers is the variety of
transaction methods offered, the immediate access to invoice and payment transactions, and access to dedicated
supplier services experts,” said Henry Ijams, managing director of PayStream Advisors. “An AP/EIPP platform that
only serves the needs of buyers is only solving a fraction of the AP automation challenge. Providers must serve
suppliers’ unique needs to create lasting supplier value and drive participation.” 

J.P. Morgan’s Order-to-Pay solution enables suppliers to electronically receive purchase orders, submit and track
invoices, receive detailed remittance information, and take advantage of early payment opportunities to improve cash
flow management. J.P. Morgan’s network of suppliers ranges from small companies of one or two people to
Fortune 500 companies, representing virtually every industry segment. In 2010, buyers and sellers transacted more
than $155 billion in business via the Order-to-Pay network.

For additional information on Order-to-Pay, visitwww.jpmorgan.com/ordertopay

About JPMorgan Chase & Co.

JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.1 trillion and
operations in more than 60 countries. The firm is a leader in investment banking, financial services for consumers,
small business and commercial banking, financial transaction processing, asset management and private equity. A
component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of consumers in the
United States and many of the world’s most prominent corporate, institutional and government clients under its J.P.
Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.

Contacts
JPMorgan Chase & Co.
John Murray, 202-329-6363
john.t.murray@jpmchase.com

				
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Description: NEW YORK--(EON: Enhanced Online News)--J.P. Morgan today announced that it has introduced new functionality to its Order-to-Pay solution to help suppliers more easily connect to its growing network of more than 100,000 buyers and suppliers. J.P. Morgan said that its global Order-to-Pay e-invoicing and payment processing (EIPP) network grew nearly thirty percent in the past year, indicating that businesses are increasingly seeing the value in automating accounts payable processes. Just recently, a style='font-siz
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