May 19, 2020

J.P. Morgan expands into Canada with single-use accounts

Supply Chain
J.P. Morgan
credit card solutions
electronic payments
Bizclik Editor
2 min
J.P. Morgan expands into Canada with single-use accounts

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One of America&rsquo;s largest financial institutions, <span data-scayt_word="J.P" data-scaytid="1">J.P</span>. Morgan, is expanding its geographical reach into the <a href="http://www.canada.businesschief.com/">Canadian corporate market</a> with the launch of single-use accounts (<span data-scayt_word="SUA" data-scaytid="25">SUA</span>). The new program is a fraud-reducing, cost-efficient virtual card payments method for processing supplier payments. By providing a one-time use credit card number for each payment, <span data-scayt_word="SUAs" data-scaytid="35">SUAs</span> are designed to streamline the payment process and improve cash flow for buyers and suppliers. Additionally, the reduction of paper processes will also be reduced with these new accounts. &nbsp;</p>
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Investors and business leaders are looking toward the use of <span data-scayt_word="SUAs" data-scaytid="36">SUAs</span> because clients are able to increase the financial rebates associated with credit card payments, further improve payment security, pay vendors more quickly and continue to reduce paper-based payment processes.&nbsp;</p>
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According to a statement released by the company, <span data-scayt_word="J.P" data-scaytid="2">J.P</span>. Morgan has provided corporate and <a href="http://www.businesschief.com/money_matters/">investment banking solutions</a> to the corporate market in Canada since 1965 and currently has banking relationships with many of Canada&rsquo;s largest companies. The bank has offered commercial card solutions, including purchasing and travel and entertainment cards, in Canada since 1995. <span data-scayt_word="J.P" data-scaytid="3">J.P</span>. Morgan is a pioneer in <span data-scayt_word="SUA" data-scaytid="26">SUA</span> technology, having launched the solution in 2004 and the solution is one of the company&rsquo;s fastest growing products. Client spending using <span data-scayt_word="J.P" data-scaytid="4">J.P</span>. Morgan&rsquo;s <span data-scayt_word="SUA" data-scaytid="27">SUA</span> nearly quadrupled from 2008 to 2010.&nbsp;</p>
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&ldquo;With more than 45 years in the Canadian market, <span data-scayt_word="J.P" data-scaytid="5">J.P</span>. Morgan has successfully delivered proven products that help corporations improve their purchasing, accounts payable and treasury operations,&rdquo; said Andrew <span data-scayt_word="Pilkington" data-scaytid="41">Pilkington</span>, President, Global Commercial Card, <span data-scayt_word="J.P" data-scaytid="6">J.P</span>. Morgan. &ldquo;As the majority of procurement payments are still made with paper checks in North America, <span data-scayt_word="SUAs" data-scaytid="37">SUAs</span> deliver a great opportunity for businesses operating in Canada to further improve their payables processes while reaping greater financial <span data-scayt_word="reward."" data-scaytid="10">reward.&rdquo;</span></p>
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&ldquo;Single-Use Accounts are still a relatively new concept for many Canadian organizations.&nbsp;With our technology and proven track record we see significant opportunity in this market,&rdquo; said <span data-scayt_word="D'Arcy" data-scaytid="43">D&rsquo;Arcy</span> <span data-scayt_word="Delamere" data-scaytid="45">Delamere</span>, Vice President, <span data-scayt_word="J.P" data-scaytid="7">J.P</span>. Morgan Commercial Card Solutions, Canada.</p>
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<span data-scayt_word="J.P" data-scaytid="8">J.P</span>. Morgan&rsquo;s <span data-scayt_word="SUA" data-scaytid="28">SUA</span> is an electronic payables tool that provides customers with the flexibility, float and rebate of a purchasing card while delivering powerful security, <span data-scayt_word="antifraud" data-scaytid="47">antifraud</span> and reconciliation features. With <span data-scayt_word="SUA" data-scaytid="29">SUA</span>, instead of having one account number for all of an organization&rsquo;s charges, the payee receives a unique 16-digit account number for each single payment with purchasing controls embedded in the system. This account number is active for only a defined amount and time frame and is electronically matched to pre-purchase information.&nbsp;</p>
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To find out more about Single-Use Accounts, visit&nbsp;<a href="http://www.jpmorgan.com/visit/singleuseaccounts&quot; target="_blank"><span data-scayt_word="//www.jpmorgan.com&quot; data-scaytid="11">www.jpmorgan.com</span>/visit/<wbr><span data-scayt_word="singleuseaccounts" data-scaytid="49">singleuseaccounts</span></wbr></a>&nbsp;&nbsp;or for information on other <span data-scayt_word="J.P" data-scaytid="9">J.P</span>. Morgan Commercial Card Solutions, visit&nbsp;<a href="http://www.jpmorgan.com/commercialcard&quot; target="_blank"><span data-scayt_word="//www.jpmorgan.com&quot; data-scaytid="12">www.jpmorgan.com</span>/<wbr><wbr><wbr><wbr><span data-scayt_word="commercialcard" data-scaytid="51">commercialcard</span></wbr></wbr></wbr></wbr></a>.</p>

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