J.P. Morgan Joins Coupa as Coupa Pay Partner
Partnership commences with virtual cards that enable greater visibility and control of business spend
SAN MATEO, Calif., – January 22, 2019 Coupa Software (NASDAQ: COUP), a leader in business spend management (BSM), today announced a strategic collaboration with J.P. Morgan. Coupa will commence partnering with J.P. Morgan’s Single-Use AccountsSM (SUA), virtual card, to enable a fast, secure, and a convenient way for businesses to manage payments within their broader business spend management strategy.
“We’re excited to partner with J.P. Morgan as a card issuer of our virtual card solution to provide businesses with greater visibility and control into their payments process,” said Ravi Thakur, senior vice president of Business Acceleration at Coupa. “As an established and innovative financial services company, their expertise and solutions will offer our customers tremendous value to ensure they’re transacting not only simpler, but smarter.”
Using Coupa Pay with J.P. Morgan’s SUA solution, a user requests a virtual card by submitting a purchase requisition through Coupa. Once approved, a unique SUA credit card number is generated for the authorized supplier and amount, and Coupa automatically reconciles the resulting charges and statements back to the purchase order. Virtual cards reduce finance workloads, creating a more efficient way of engaging with high volume, low-value, and one-off suppliers. Additionally, similar to a standard corporate credit card, businesses can pay suppliers upfront without affecting cash flow or tying up important capital.
“Our partnership with Coupa is a win-win,” said John Skinner, head of client management for Commercial Card at J.P. Morgan. “It’s a win for our clients who will gain greater insight into their spend, increased control and security, and automated reconciliation. It’s also a win for suppliers who will be paid faster, experience a streamlined Accounts Receivable process, and receive better data for reconciliation.”
"We're excited about Coupa's partnership with J.P. Morgan,” said JR Miller, vice president of finance and controller at the Leukemia and Lymphoma Society. "The ability to leverage our existing banking relationship with J.P. Morgan and get more out of our investment with Coupa in a fully integrated and controlled solution that now extends into payments is a huge value."
About Coupa Software
Coupa Software is the leading provider of BSM solutions. We offer a comprehensive, cloud-based BSM platform that has connected hundreds of organizations with more than four million suppliers globally. Our platform provides greater visibility into and control over how companies spend money. Using our platform, businesses are able to achieve real, measurable value and savings that drive their profitability. Learn more at www.coupa.com. Read more on the Coupa Blog or follow @Coupa on twitter.
About JPMorgan Chase
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.6 trillion and operations worldwide. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, and asset management. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of customers in the United States and many of the world's most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.