Order-to-Pay Service Receives Highest Scores in Invoice Management, Usability, Invoice-Driven Financial Optimization, and Financial Resources to Pursue Strategy
NEW YORK July 2, 2008 - JPMorgan today announced that it has been named as a leading vendor of accounts payable electronic invoice presentment and payment (AP-EIPP) by independent research firm Forrester Research. According to the June 2008 report The Forrester Wave™: AP-EIPP, Q2 2008, JPMorgan was named a leader in the market for solutions that streamline the invoice-to-pay process for its Order-to-Pay service.
Designed to assess the state of the market for accounts payable electronic invoice presentment and payment solutions, the report evaluated 10 vendors across 78 criteria between January 2008 and March 2008. According to the report, JPMorgan had the top scores in the categories of invoice management, value delivery and invoice-driven financial optimization. JPMorgan also received the highest possible scores in the categories of value delivery and 'financial resources to pursue strategy.'
"This recognition reflects that, a year after JPMorgan's acquisition of Xign, our Order-to-Pay service continues to receive top scores for its capabilities in the electronic invoicing and payments space," said Rich Erario, managing director, Commercial Card and Electronic Procurement, Invoicing and Payables for JPMorgan. "In addition, the report acknowledges the value of the strong financial backing required to execute against a product strategy and ensure viability over the long-term."
JPMorgan's Order-to-Pay service enables customers to automate electronic purchase order delivery, invoicing and payments across a shared supplier network of more than 60,000 suppliers. In addition to dramatically reducing financial settlement processing costs and cycle time, the solution allows clients to expand early payment discount opportunities, support compliance initiatives, and track and benchmark performance to maximize the return on investment.
JPMorgan's Order-to-Pay clients achieve a range of bottom-line improvements, including reductions in settlement-related operating costs of 50 percent or more. Top performers are achieving on-time payment performance of up to 98 percent and capturing discounts on 36 percent of spend. The solution also reduces fraud and validates invoices before processing through automated invoice management. . JPMorgan's Order-to-Pay service recently surpassed the $200 billion mark for transactions processed to date.
Complementary JPMorgan Treasury Services products extend the value of JPMorgan's Order-to-Pay service. They include JPMorgan's commercial card solutions for moving accounts payable spend from paper checks to purchasing card and Supply Chain Financing for low-cost funding of early payment discounts.
About JPMorgan Treasury Services
The Treasury Services business of JPMorgan is a top-ranked, full-service provider of innovative payment, collection, liquidity and investment management, trade finance, commercial card and information solutions to corporations, financial services institutions, middle market companies, small businesses, governments and municipalities worldwide. With more than 50,000 clients and operations in 39 countries, JPMorgan Treasury Services (JPM TS) is the world's largest providers of treasury management services. JPM TS is a division of JPMorgan Chase Bank, N.A., member FDIC. More information can be found at www.jpmorgan.com/ts.
About JPMorgan Chase & Co.
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $1.6 trillion, as of March 31, 2008, and operations in more than 60 countries. The firm is a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset management, and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase serves millions of consumers in the United States and many of the world's most prominent corporate, institutional and government clients under its JPMorgan and Chase brands. Information about the firm is available at www.jpmorganchase.com.