Yesterday JPMorgan announced the launch of AP Trac, the first new service based on its purchase of Xign back in May.
APTrac is intended to replace paper checks, settles transactions via the purchase card network, delivers remittance data, and allows both buyers and sellers to track payments online. APTrac should be attractive to corporate AP as no additional hardware or software is necessary and it interfaces with leading ERP and AP systems.
Benefits for Corporate AP
- Optimizes working capital by increasing payment float while speeding up payment to suppliers.
- Reduces operational costs by leveraging electronic payments with straight-through processing.
- Provides increased control since only payments that are buyer-approved and buyer-initiated via our secure gateway can be authorized.
- Extends the reach of a purchasing card program by bringing new classes of spend to a card, such as capital goods, advertising and more.
- Makes paying a supplier as easy as your process for a check run.
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