JP Morgan invests in Global PayEx to improve payments in B2B space

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Mumbai | Published: May 14, 2019 4:15:34 AM

Freepay is Global PayEx’s cloud-based platform and has been live for more than three years. The platform is fully automated and self-servicing, JP Morgan stated.

The bank did not disclose the financial details of the transaction.

JP Morgan on Monday said it has invested in Global PayEx, a firm involved in the Electronic Invoice Presentment and Payment (EIPP) and business-to-business (B2B) payments space based in India, in order to enhance the efficiency and experience of B2B transactions for corporate clients in Asia Pacific.

“The investment will help JP Morgan’s clients experience clearer electronic invoice presentation and quicker reconciliation,” JP Morgan said.

Freepay is Global PayEx’s cloud-based platform and has been live for more than three years.

The platform is fully automated and self-servicing, JP Morgan stated, adding that its real-time feature and sophisticated analytics function provide corporates with full visibility of their payment status as well as insights on their receivables collection, which can, in turn, help optimise working capital.

The company claims Freepay improves working capital efficiency by digitising all processes in the order-to-cash cycle such as invoicing, dynamic credit and trade terms support, credit/debit notes, instantly applicable cash discounts, full document support for payment decisions including ePoD, and analytics driven dunning.

The bank did not disclose the financial details of the transaction.

Kalpana Morparia, chairman of South and Southeast Asia, JP Morgan, said the strategic investment in Global PayEx is a significant step towards working with its clients in a more nimble way and enhancing their experience.

“This is all a part of a journey where global banks such as ourselves are doing a lot of innovation on how do we make our platforms more efficient in their client engagement. There will be several instances where we will partner with people who already built a great product. Our entire focus is really in terms of what can we do for our clients on making their life easy in their overall treasury management— how do we digitise as much of the paper work as possible and give them end-to-end solutions,” Morparia told FE over a phone conversation.

Global PayEx investors include Mohan Krishnan, who is the founder, Jaithirth (Jerry) Rao and Jeroen Tas, all of whom are co-founders of MphasiS.

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