Industry: Financial services
Global PayEx on Monday announced strategic investment by banking and financial services provider JP Morgan that will help the latter’s clients experience clearer electronic invoice presentation and quicker reconciliation.
Global PayEx is a provider of electronic invoice presentment and payment (EIPP) and B2B payments space.
It offers a cloud based platform, Freepay, to facilitate electronic sharing of invoices, handling of payments and management of transaction information between business to business (B2B)buyers and sellers, a release said.
“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,” head of wholesale payments for Asia Pacific, JP Morgan, Sridhar Kanthadai said.
The platform is fully-automated and self-servicing that saves cost and time. Its real-time feature and sophisticated analytics function provide full visibility of the payment status and insights on the receivables collection to the corporates, which can help optimize working capital, the release added.
“Global PayEx is helping 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,” founder of Global PayEx, Mohan Krishnan said.