JPMorgan Becomes First Bank to Offer Invoice Matching
JPMorgan has announced that it has enhanced its Web-based accounts receivable management application, Receivables Edge, to automatically match open invoice records to bank captured payments and remittance detail, including checks, ACH and wire transfers.
JPMorgan becomes the first bank to offer a fully integrated online Web presentment solution featuring invoice matching with same-day exception repair. New features of this solution suite include:
- Auto-match transactions resulting in “hands-free” posting to client’s A/R system
- Capture and archive images online for up to 10 years
- Access 12 months worth of data and images quickly via the Web
- View of returned and re-deposited checks
- Timely notification alerts of the arrival of important payments or check returns
“With this enhancement, we are better able to assist clients in consolidating their receivables management and collection processes, allowing them to achieve operational savings with a modest implementation effort,” stated Brian Hinton, vice president, Receivables Business Development, JPMorgan Treasury Services. “As an industry leader, JPMorgan is committed to helping clients transition from paper to electronic channels and Receivables Edge is an enabling tool to that end.”
JPMorgan developed Receivables Edge for organizations in manufacturing, distribution and service industries looking for a cost-effective alternative to licensed software to create an enterprise-wide view of all receivables transactions. Clients can expect to realize greater efficiencies in the management of their receivables function using Receivables Edge and its featured enhancements.
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