J.P. Morgan teams up with Codat on driving virtual cards adoption

Through UK-based fintech Codat’s new Supplier Enablement data product, card issuers can access the right data, in their preferred format, in order to recruit suppliers to accept virtual card payments instead of checks, on an ongoing basis.

Tapping into the virtual cards trend

With the growth of virtual cards as a payment method for B2B transactions projected to reach USD 13.8 trillion by 2028, according to a Juniper Research study, many issuers are seeking solutions to seize this opportunity and drive greater benefits for their clients.

Now in production with J.P. Morgan, commercial clients can establish and scale programmes for paying their suppliers with virtual card by connecting to comprehensive and up-to-date supplier and spend data. Replacing static supplier payment files with secure and persistent API connections, the solution provides more robust data sets and complete analysis to the bank, which should ultimately drive increased spend per connected client through its virtual card offering.

Officials from Codat said that with the rapidly growing adoption of virtual cards for B2B payments, they wanted to release a new data product designed to transform supplier enablement and accelerate how the value of payments innovation is realized in the market. Codat’s collaboration with J.P. Morgan has been valuable in helping them develop products that maximise the value of data sharing for financial institutions and their business clients.

Also commenting on this development, representatives from J.P. Morgan stated that thanks to their work with Codat, their clients can easily and digitally deliver critical supplier enablement data to J.P. Morgan, helping to realise efficiency gains and cost savings sooner as well as across a greater share of their spend.

What does Codat do?

Codat is a provider of business data APIs specialising in solving problems for financial institutions and tech companies through access to data that customers share directly from their financial management software.