J.P. Morgan is expanding its service offering in Canada by launching its Single-Use Account (SUA) solution. A fraud-reducing, cost efficient virtual card payment method, SUA’s will provide corporations an easier time in processing supplier payments.
The SUA solution is designed to streamline the payment process by providing unique, one time use credit card numbers for each payment. This solution will increase financial rebates, improve payment security, allow for vendors to be paid more quickly and provide an environmentally friendly way to pay by reducing paper-based payment processes.
“With more than 45 years in the Canadian market, J.P. Morgan has successfully delivered proven products that help corporations improve their purchasing, accounts payable and treasury operations,” said Andrew Pilkington, President, Global Commercial Card, J.P. Morgan in an emailed statement. “As the majority of procurement payments are still made with paper checks in North America, SUAs deliver a great opportunity for businesses operating in Canada to further improve their payables processes while reaping greater financial reward.”
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The SUA is already popular in the US with 27 per cent of medium, large and Fortune 500 companies using the solution, according to the RPMG Research 2010 P-Card Benchmark Survey, with an estimated 50 per cent growth rate by 2012.
“Single-Use Accounts are still a relatively new concept for many Canadian organizations. With our technology and proven track record we see significant opportunity in this market,” said D’Arcy Delamere, Vice President, J.P. Morgan Commercial Card Solutions, Canada.
Customers of J.P Morgan’s SUA tool will offer businesses a broad range of payables and receivables solutions. Other credit card services offered by J.P Morgan in Canada include Chase Card Service for consumers, including Sears MasterCard and Sears.