JP Morgan has invested in a fintech player in the business payments based in India in order to enhance the efficiency and experience of B2B transactions for corporate clients in Asia Pacific.
Global PayEx, a fast-growing player in the Electronic Invoice Presentment & Payment (EIPP) and business-to-business (B2B) payments space based in India offers Freepay - a cloud-based platform that facilitates the electronic sharing of invoices, handling of payments and comprehensive management of transaction information between B2B buyers and sellers.
"The investment will help JP Morgan's clients experience clearer electronic invoice presentation and quicker reconciliation," the investment bank said.
The investment will help JP Morgan’s clients experience clearer electronic invoice presentation and quicker reconciliation"
The platform is fully automated and self-servicing, JP Morgan stated, adding that its real-time feature and sophisticated analytics function provide corporates with full visibility of their payment status as well as insights on their receivables collection, which can, in turn, help optimise working capital.
The company claims Freepay improves working capital efficiency by digitising all processes in the order-to-cash cycle such as invoicing, dynamic credit and trade terms support, credit/debit notes, instantly applicable cash discounts, full document support for payment decisions including ePoD, and analytics driven dunning.
"At J.P. Morgan, we are committed to providing market-leading digital capabilities across our products and services. Our strategic investment in Global PayEx is a significant step towards working with our clients in a more nimble way and enhancing their experience at every interaction. This partnership will provide complementary solutions to our existing suite of financial services and help clients build a robust digital payment ecosystem," said Kalpana Morparia, chairman of South and Southeast Asia, JP Morgan.
Mohan Krishnan, founder, Global PayEx said, "Global PayEx is helping to redefine the B2B payments and receivables management in India and we are encouraged to see Freepay servicing a fast-growing list of global and Indian companies in almost every industry sector, which includes 30 live clients and over 100 active prospects across multiple geographies."
"This investment is a logical evolution of our existing strong partnership with world's leading financial institutions such as J.P. Morgan and it clearly helps us extend our footprint to the global markets in the Far East, Middle East, Europe and the United States," said Brij Sharma, CEO, Global PayEx.
The bank did not disclose the financial details of the transaction.
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