J.P. Morgan Payments brings its B2B virtual card offering to Europe in collaboration with Mastercard

• Building on its success in North America, J.P. Morgan Payments has brought its virtual card offering to Europe in collaboration with Mastercard.

• Virtual cards can unlock significant value for corporates, enabling the digitisation of accounts payable and receivable processes and deepening supplier relationships across complex supply chains.  

J.P. Morgan Payments is accelerating its growth in Europe with the addition of its new virtual card offering, in collaboration with Mastercard. This expansion brings the full scope of J.P. Morgan Payments’ virtual card offering to Europe and also supports traditional accounts payable needs in industries such as insurance, healthcare, travel and commercial real estate.

J.P. Morgan Payments has a deep heritage in business-to-business (B2B) virtual card payments innovation in North America and has been ranked the number one issuer of commercial cards, including virtual cards[1]. European corporates can now access J.P. Morgan Payments’ expertise through its virtual card offerings to optimize their working capital by automating payment creation and reconciliation.

In the wholesale travel industry specifically, online travel agencies (OTAs) face significant complexities when managing their global supplier payments across hotels, airlines and car rental companies. Leveraging the Mastercard Wholesale Program, J.P. Morgan Payments will enable OTAs to modernize their payments operations using virtual cards, unlocking fast and secure payments and rich reconciliation data that supports business strategy and modernizes how they interact with suppliers.

Karen Ions, Head of Commercial Card Client Management & Delivery at J.P. Morgan Payments, said, “Virtual cards unlock tremendous value across many use cases, but none more so than the wholesale travel industry. The complexity of supplier payments in travel is immense, and virtual cards bring clarity, security and agility to the process. This expansion into Europe further reaffirms our commitment to helping clients around the world modernize payments, drive strategic value across industries and unlock new revenue streams.”

J.P. Morgan Payments will also leverage Mastercard’s B2B Supplier Enablement & Activation Service. This end-to-end solution helps buyers and suppliers unlock the benefits of virtual card acceptance with faster and more efficient onboarding and support to scale their digital payment programmes smoothly.

Mastercard and J.P. Morgan Payments are both focused on delivering innovative solutions to help reshape the B2B payments landscape, equipping businesses with the digital solutions and processes they need to thrive in today’s digital economy.

Marc Pettican, Global Head of Corporate Solutions, at Mastercard commented: “Virtual cards give businesses greater control, visibility and efficiency in how they manage payments and working capital. And we’re now also going a step further to remove friction from B2B payments by enabling more buyers and suppliers to accept virtual cards. Together, we’re empowering enterprise growth with smart, digital-first solutions that deliver ease and simplicity across both sides of the transaction.”