J.P. Morgan and BILL accelerate small business payments

J.P. Morgan and BILL, a provider of financial operations solutions, have collaborated to significantly speed up payment processing for small and medium-sized businesses (SMBs). The initiative addresses the operational bottlenecks caused by slow traditional payment methods.

Previously, BILL's customers, particularly those using the BILL Divvy Card, faced critical delays when exceeding credit limits. Standard wire or ACH payments could take 2-3 days to clear, impacting cash flow and disrupting daily operations. This delay meant employees could not make necessary purchases while awaiting funds clearance.

The partnership integrated J.P. Morgan's Wallet API-based sub-ledgering solution, which uses unique virtual account numbers and real-time data across payment rails, with BILL's platform. This integration reduced payment posting times from 2-3 days to mere minutes or seconds. Customer onboarding also accelerated to the same day, and the time from purchase need to actual spend was compressed to seconds.

"J.P. Morgan Wallet is the most technologically forward product I’ve seen in banking," said Dave Ridge, Senior Treasury Manager at BILL. "Using the solution’s API, we’ve been able to automate most payment movements for our product."

This collaboration enables BILL's SMB clients to access funds and make expenditures more rapidly, enhancing operational efficiency and financial predictability for businesses often managing tight cash flows with limited financial staff.