J.P. Morgan Payments is accelerating its growth in Europe with the addition of its new virtual card offering, in collaboration with Mastercard. „European corporates can now access J.P. Morgan Payments’ expertise through its virtual card offerings to optimize their working capital by automating payment creation and reconciliation” – according to Finextra.
Leveraging the Mastercard Wholesale Program, J.P. Morgan Payments will enable online travel agencies (OTAs) to modernize their payments operations using virtual cards, unlocking fast and secure payments and rich reconciliation data that supports business strategy and modernizes how they interact with suppliers.
J.P. Morgan Payments will also leverage Mastercard’s B2B Supplier Enablement & Activation Service. This end-to-end solution helps buyers and suppliers unlock the benefits of virtual card acceptance with faster and more efficient onboarding and support to scale their digital payment programmes smoothly.
Karen Ions, Head of Commercial Card Client Management & Delivery at J.P. Morgan Payments, said, “Virtual cards unlock tremendous value across many use cases, but none more so than the wholesale travel industry. The complexity of supplier payments in travel is immense, and virtual cards bring clarity, security and agility to the process. This expansion into Europe further reaffirms our commitment to helping clients around the world modernize payments, drive strategic value across industries and unlock new revenue streams.”
Marc Pettican, Global Head of Corporate Solutions, at Mastercard commented: “Virtual cards give businesses greater control, visibility and efficiency in how they manage payments and working capital. And we’re now also going a step further to remove friction from B2B payments by enabling more buyers and suppliers to accept virtual cards.”
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