JP Morgan Payments has launched a digital platform that centralises all its working capital products, allowing companies to access real-time information all in one place.
The Working Capital Accelerator will bring an array of the bank’s solutions – including dynamic discounting, supply chain finance and receivables financing – under the same digital umbrella, with plans to add more over the next year, GTR can reveal.
The system also brings corporates’ working capital data together into one single view on the platform to make it simpler for businesses to see all their information in real time.
The Working Capital Accelerator was designed to address the issue of bank products often being developed in isolation, requiring corporate treasurers to manage multiple systems and interfaces.
JP Morgan has described the new platform, which is backed by the US$19.8bn annual technology investment commitment from parent company JP Morgan Chase, as “a modern interface mirroring the digital-first consumer banking experience, delivered to enterprise treasury clients”.
It is now available in more than 60 markets and 10 languages, and accounts for regional needs and local requirements such as tax regulations, the New York-headquartered lender said.
The platform can also be integrated with leading ERP systems, such as Oracle Fusion and SAP, for data management and reporting purposes.
Global head of trade and working capital product, Heather Crowley, said this is a “turning point” in the lender’s digital strategy, which could help clients “turn working capital management into a competitive advantage”.
“We’re not just modernising, we’re setting a new standard in working capital management – turning previously fragmented systems and static reporting into real-time, enterprise-wide insight.”
Speaking to GTR at Sibos last year, Crowley said that she expects to see more embedded solutions and partnerships going forward: “The shift is that instead of clients spending their own tech dollars and resources, they’re looking to providers like us to take on the heavy lifting.
“That’s a major change. We’re being asked to deliver more of the tech uplift – and we can.”
