JPMorgan Chase has made an undisclosed investment in Bill.com and aims to use its technology to provide a simpler and faster way for businesses to send and receive invoices and payments
Chase says it will integrate Bill.com's B2B payments technology into its digital business platforms early next year. The bank says Bill-com's electronic invoicing and workflow tools will help clients to get paid faster and save up to 50% of the time they spend manually managing their bills.
In addition, JPMorgan Chase's four million small business customers will have access to more than 2.5 million members on the Bill.com network.
“Being the easiest bank to work with includes finding ways to help businesses move toward digital automation and quicker time to money,” says Andrew Kresse, CEO of Business Banking. “This solution does just that and truly adds value by offering back something every business owner needs a little more of - time in their day.”
The collaboration is the latest initiative by US moneylender to tap into fintech expertise to serve clients better, following agreements for small business lending, mortgage origination and auto purchase and financing in previously announced partnerships with firms like Truecar, On Deck Capital Inc. and Roostify.