JP Morgan Chase (NYSE: JPM) announced this week the launch of its Order-to-Pay Rapid Deployment platform, which is designed to eliminate the complexity of managing accounts payable for small and mid-sized businesses. The platform will enable these businesses to adapt electronic invoicing and payments that previously were only available to large corporations that had the IT resources to support them.
Many small and mid-sized businesses seek the benefits from accounts payable automation. However, the investment and need for a rapid return in the cost savings have limited those efforts. According to JP Morgan’s announcement, clients of Order-to-Pay Rapid Deployment will begin seeing a return on investment in as few as thirty days.
“J.P. Morgan’s new Order-to-Pay Rapid Deployment solution enabled Memorial Sloan-Kettering Cancer Center to install and configure a fully functional test environment in five days, and then deploy production in an hour,” said Barbara Cassera, Manager of Financial Systems, Memorial Sloan-Kettering, in the JP press release. “The complete settlement functionality and comprehensive, standardized Order-to-Pay workflow gave our users and vendors the ability to begin working in the environment immediately.”
Buyers of the platform have a list of pre-tested packages solutions that allow for business specific needs and rule guided configuration.
“J.P. Morgan continues to invest in invoicing and payment capabilities that enable our clients to operate more efficiently,” said Eduardo Vergara, global commercial card executive, J.P. Morgan Treasury Services. “With Order-to-Pay Rapid Deployment, J.P. Morgan is helping mid-size companies take advantage of accounts payable automation they can afford.”
