JPMorgan Chase announced the launch of ExacTrac, an 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.
ExacTrac aims to make 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 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, said Richard Erario, Senior Vice President and head of the Commercial Card business for JPMorgan Chase Treasury Services. ExacTrac bolsters our suite of Commercial Card product solutions and enhances our market leading position by further streamlining our clients purchase-to-pay process.
The new ExacTrac payment solution is ideal for any mid or large size corporation or government agency with automated ordering or payment systems. It is also well suited for companies which offer business-to-business services for online travel booking, warranty claims, and event management. Clients who have been using JPMorgan Chases ExacTrac payment solution include Embryon Inc., a market development agency for pharmaceutical and device industries.
JPMorgan Chases ExacTrac is a highly customizable product that has substantially increased productivity while allowing us to implement very specialized spending controls, said Brian Clancey, Chief Financial Officer of Embryon, Inc.