JPMorgan Seeks to Banish Paper Payments With a Fintech Venture
- Bank to start offering Bill.com’s services to clients in 2018
- ‘Bill payment is a huge source of pain for businesses’
Employees work in the lobby of JPMorgan Chase & Co. headquarters in New York.
Photographer: Ron Antonelli/BloombergThis article is for subscribers only.
JPMorgan Chase & Co. is partnering with another fast-growing technology firm, this time to help business clients eradicate paper checks.
The bank is working with Bill.com, the largest U.S. business-to-business payments network, to enable customers to send and receive electronic payments and invoices, according to Stephen Markwell, a product strategy head for JPMorgan’s commercial bank. The New York-based lender will pilot the service in early 2018 and plans to offer it to more business and commercial clients later in that year, Markwell said.