TSYS to power JPMorgan virtual cards for businesses
JPMorgan says it will deploy Total System Services Inc. technology when issuing virtual payment cards to commercial clients.
Through the Virtual Payment Precept software, TSYS provides financial institutions the ability to generate secure, virtual single-use account information in real time. Virtual cards used in this manner replace the use of primary account numbers of physical purchasing cards.
"TSYS takes pride in being a trusted partner in commercial payments, helping our clients implement a best-in-class payables platform," Scot Yarbrough, group executive of commercial services at TSYS, said in a Wednesday press release.
The virtual card software will also help JPMorgan's commercial card business improve operational efficiency as both accounts payable and accounts receivable will more easily reconcile transactions, Yarbrough added.
JPMorgan plans to broaden its virtual card solution by issuing through the VPP on both Visa and Mastercard networks.
"Virtual cards are a vital component of our clients' payments strategy and business operations, and this will continue to power our clients' and suppliers' growth," Naney Pandit, head of commercial card product at JPMorgan, said in the release.