Coupa Software, a leader in business spend management (BSM), announced a strategic collaboration with J.P. Morgan. Coupa will commence partnering with J.P. Morgan’s Single-Use AccountsSM (SUA), virtual card, to enable a fast, secure, and a convenient way for businesses to manage payments within their broader business spend management strategy.
“We’re excited to partner with J.P. Morgan as a card issuer of our virtual card solution to provide businesses with greater visibility and control into their payments process,” said Ravi Thakur, senior vice president of Business Acceleration at Coupa. “As an established and innovative financial services company, their expertise and solutions will offer our customers tremendous value to ensure they’re transacting not only simpler, but smarter.”
Using Coupa Pay with J.P. Morgan’s SUA solution, a user requests a virtual card by submitting a purchase requisition through Coupa. Once approved, a unique SUA credit card number is generated for the authorized supplier and amount, and Coupa automatically reconciles the resulting charges and statements back to the purchase order. Virtual cards reduce finance workloads, creating a more efficient way of engaging with high volume, low-value, and one-off suppliers. Additionally, similar to a standard corporate credit card, businesses can pay suppliers upfront without affecting cash flow or tying up important capital.
“Our partnership with Coupa is a win-win,” said John Skinner, head of client management for Commercial Card at J.P. Morgan. “It’s a win for our clients who will gain greater insight into their spend, increased control and security, and automated reconciliation. It’s also a win for suppliers who will be paid faster, experience a streamlined Accounts Receivable process, and receive better data for reconciliation.”
“We’re excited about Coupa’s partnership with J.P. Morgan,” said JR Miller, vice president of finance and controller at the Leukemia and Lymphoma Society. “The ability to leverage our existing banking relationship with J.P. Morgan and get more out of our investment with Coupa in a fully integrated and controlled solution that now extends into payments is a huge value.”