J.P. Morgan has invested in a fintech player in the business payments based in India. To help its clients experience clearer electronic invoice presentation and quicker reconciliation, the U.S. financial group invested an undisclosed sum in India-based Global PayEx, a player in the Electronics Invoice Presentment & Payment (EIPP) and business-to-business (B2B) payments space.
«At J.P. Morgan, we continue to invest in innovation to help our clients optimize and simplify their payment operations,» said Sridhar Kanthadai, Head of Wholesale Payments for the Asia Pacific at J.P. Morgan in a media statement on Monday.
The investment by J.P. Morgan extends the fintech’s footprint in the Far East, Middle East, Europe, and the United States, said Brij Sharma, CEO, Global PayEx. Its cloud-based platform – Freepay – facilitates the electronic sharing of invoices, handling of payments and comprehensive management of transaction information between B2B buyers and sellers.
Operational for more than three years, Freepay improves working capital efficiency by digitizing 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.
