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JPMorgan Chase launches corporate e-payments system

19th April 2006
By Staff Writer

JPMorgan Chase has announced the launch of ExacTrac, a secure, streamlined electronic payment solution for mid-size and large corporations and government agencies.

ExacTrac offers a fully automated and integrated process for payments, reporting and reconciliation, the bank says.

ExacTrac makes payment processes more efficient with end-to-end automation, enabling the reduction or elimination of manual, check-based activities.

This payment solution complements existing purchasing or invoicing systems, since it can be easily integrated. ExacTrac enhances reporting and provides controlled spending for each payment, which maximizes program discounts by targeting manual check processing and higher dollar spend transactions.

It also builds on the security and fraud prevention of the commercial card industry and shortens reconciliation periods, while at the same time improving accuracy.

"ExacTrac is the perfect complement to an automated procurement and invoicing process. With ExacTrac we help customers leverage the existing investment they have already made in their system by providing a payment solution that easily integrates and quickly produces savings and efficiencies," says Richard Erario, senior vice president and head of the commercial card business for JPMorgan Chase treasury services.

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