JP Morgan Chase has launched ExacTrac, a new secure, streamlined electronic payment solution for mid-sized and large corporations and government agencies. ExacTrac offers a fully automated and integrated process for payments, reporting and reconciliation.
It makes payment processes more efficient with end-to-end automation, enabling the reduction or elimination of manual, check-based activities. This payment solution complements existing purchasing or invoicing systems, since it can be easily integrated.
ExacTrac enhances reporting and provides controlled spending for each payment, which maximises programme discounts by targeting manual check processing and higher dollar spend transactions. It also builds on the security and fraud prevention of the commercial card industry and shortens reconciliation periods, while at the same time improving accuracy.
“ExacTrac is the perfect complement to an automated procurement and invoicing process. With ExacTrac we help customers leverage the existing investment they have already made in their system by providing a payment solution that easily integrates and quickly produces savings and efficiencies,” says Richard Erario, senior vice-president and head of the commercial card business for JP Morgan Chase Treasury Services. “ExacTrac bolsters our suite of commercial card product solutions and enhances our market leading position by further streamlining our clients’ purchase-to-pay process.”
The new ExacTrac payment solution is ideal for any mid or large-sized corporation or government agency with automated ordering or payment systems. It is also well suited for companies which offer business-to-business services for online travel booking, warranty claims, and event management, claims the bank. Clients who have been using JP Morgan Chase’s ExacTrac payment solution include Embryon, a market development agency for pharmaceutical and device industries.
“JP Morgan Chase’s ExacTrac is a highly customisable product that has substantially increased productivity while allowing us to implement very specialised spending controls,” says Brian Clancey, chief financial officer of Embryon.
ExacTrac offers key features and benefits, such as:
- Automated reporting and reconciliation of pre-purchase information to actual transaction data without manual data entry.
- Seamless integration into existing ordering or invoicing systems to complement straight-through processing of purchases.
- Controlled spending limits for each payment including limits for amount, date range, and merchant type.
- Increased programme discounts by expanding clients” card programmes.
- Dedicated implementation team to provide instalment assistance and product training.