Bora Payment Systems, a Walnut Creek, California-based electronic payment solutions provider, as per recent reports this week, has announced its collaboration with JP Morgan, a New York, NY-based leading financial services firm, to automate the Single-Use Accounts (SUA) payments delivery process for the latter. With Bora’s Payer Direct Hub (PDH) integration, JP Morgan’s clientele will have the ability to encourage adoption of the virtual card payments process for potential suppliers.
As mentioned on Bora’s website, “The Payer Direct Hub (PDH) is an independently hosted payment service that uses real-time ‘straight-through-processing’ to facilitate B2B commercial card payments between buyers and suppliers. PDH’s patented ‘push payment’ interface removes the supplier from payment origination, allowing the payer to control when the payment is made and to reconcile payments more easily.”
The platform, aiming to streamline the entire accounts receivable process, facilitates costs cutting and improves the cash flow process with straight-through transaction processing and remittance posting of virtual card payments to suppliers.
“With this innovative collaboration, SUA clients gain a powerful new tool for supplier access and retention,” states Molly Walsh, head of commercial card at JP Morgan. “The benefits delivered by PDH in conjunction with JP Morgan’s exceptional commercial card capabilities gives the most discerning and valuable suppliers quantifiable reasons to accept card payments.”