JPMorgan taps Bora for virtual card payment processing
Bora Payment Systems, LLC, a financial technology provider to banks and nonbank financial firms serving the B2B accounts payable sector, announced a strategic collaboration with J.P. Morgan.
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Bora will now provide advanced payment processing technology to automate delivery of J.P. Morgan's Single Use Accounts (SUA) payments.
“With this innovative collaboration, SUA clients gain a powerful new tool for supplier access and retention,” said Molly Walsh, head of Commercial Card at J.P. Morgan. “The benefits delivered by PDH in conjunction with J.P. Morgan's exceptional commercial card capabilities, gives the most discerning and valuable suppliers, quantifiable reasons to accept card payments. The Bora collaboration further illustrates J.P. Morgan's commitment to providing creative solutions that deliver enhanced benefits for our commercial card clients and their suppliers.”
Bora's patented Payer Direct Hub(R) (PDH) platform delivers straight-through transaction processing and remittance posting of virtual card payments to suppliers that will streamline the accounts receivables process, reducing labor costs and improving cash flow. This enables J.P. Morgan's clients to accelerate SUA program growth by increasing supplier adoption of virtual card payments.