J.P. Morgan introduced an electronic payment solution known as Total Settlement to help businesses simplify the payment of supplier invoices and lay the foundation for complete order-to-pay automation. The new solution incorporates Automated Clearing House (ACH), commercial card, wire, and standard paper check payments in a single file, eliminating the extra effort in accounts payable involved with processing multiple payment types. Besides, a self-service web portal for suppliers provides valuable payment status information, remittance details and allows suppliers to maintain their own contact and payment-related information.

Total Settlement enables the speed of payment processing with more than 75,000 suppliers in the J.P. Morgan Business Settlement Network, with little to no enrollment effort.

 “J.P. Morgan’s Total Settlement is an ideal solution for organizations looking to eliminate paper from their treasury operations and automate their entire accounts payable operations in a phased approach,” said David Peraino, Order-to-Pay Product Executive, J.P. Morgan Treasury Services. “By focusing on payments as a first step, clients can target an area ripe for productivity improvement while taking advantage of incentives to ramp up their commercial card programs. Organizations can then expand into electronic invoicing and early payment discount programs to drive substantial additional cost savings and optimize their working capital.”