Making the move from paper payments to the electronic version can be hard for midsize companies that don't command big IT staffs. Now JP Morgan Treasury Services has launched an accounts payable platform that it says will allow mid-market companies to automate their order-to-pay processes rapidly and with a minimum of IT resources.
The software-as-a-service platform, called Order-to-Pay Rapid Deployment, has an interface that lets companies deploy it in a configuration that works for them, says David Peraino, managing director and global order-to-pay product executive at JP Morgan Treasury.
"It allows for much more simplified integration," he says. "This is really suited for those firms in the middle-market space that want to configure to meet their business needs but don't want a full custom solution."
JP Morgan has been offering order-to-pay automation for some time, and processes more than $60 billion in payments a year, but it previously served mostly larger companies, Peraino says. "We're trying with this to push further into the middle market with a solution that makes sense to them."
The platform includes JP Morgan's dynamic discounting solution, which "helps companies better manage payment terms with their suppliers," he says. And the solution builds on JP Morgan's existing network of 85,000 suppliers. Peraino says that network is one of the factors that allows customers to get going on the platform so quickly. According to the bank, midsize companies could begin to see a return on their investment in Order-to-Pay Rapid Deployment in as little as 30 days.