J.P. Morgan invests in Indian fintech to improve ease of B2B payments
Financial services firm has invested in Global PayEx as it seeks to enhance the efficiency and experience of B2B transactions for corporate clients in Asia-Pacific
Global PayEx, a growing player in the Electronic Invoice Presentment & Payment (EIPP) and business-to-business (B2B) payments space based in India, announced a strategic investment by J.P. Morgan. Global PayEx offers Freepay – a cloud-based platform that facilitates the electronic sharing of invoices, handling of payments and comprehensive management of transaction information between B2B buyers and sellers.
The investment will help J.P. Morgan’s clients experience clearer electronic invoice presentation and quicker reconciliation. The Freepay platform is fully-automated and self-servicing, delivering immediate cost and time savings. Its real-time feature and sophisticated analytics function provide corporates with full visibility of their payment status as well as insights on their receivables collection, which can in turn help optimize working capital.
“Our strategic investment in Global PayEx is a significant step towards working with our clients in a more nimble way and enhancing their experience at every interaction. This partnership will provide complementary solutions to our existing suite of financial services and help clients build a robust digital payment ecosystem,” says Kalpana Morparia, chairman of South and Southeast Asia, J.P. Morgan.
Global PayEx is fast-becoming a major provider of EIPP – self-service portals that allows the exchange of invoices online – in India.
“We want to deliver the best available technology, whether it’s built in-house or through fintech partnerships. This investment is a great example of our commitment to address our clients’ specific concerns in the B2B payments space, which continues to grow at an exponential pace,” says Sridhar Kanthadai, head of wholesale payments for Asia Pacific at J.P. Morgan.
Mohan Krishnan, founder, Global PayEx says, “Global PayEx is helping to redefine the B2B payments and receivables management in India and we are encouraged to see Freepay servicing a fast-growing list of global and Indian companies in almost every industry sector, which includes 30 live clients and over 100 active prospects across multiple geographies.”
“This investment is a logical evolution of our existing strong partnership with world’s leading financial institutions such as J.P. Morgan and it clearly helps us extend our footprint to the global markets in the Far East, Middle East, Europe and the United States,” says Brij Sharma, CEO, Global PayEx.
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14 May 2019