While check usage has been in decline for years, for many businesses it is still a primary method of payment.
According to the Federal Reserve we processed over three billion commercial checks in 2023 valued at over $8 trillion.
Codat is looking to change that. Today, the business data API provider launched its new Supplier Enablement product designed to encourage businesses to accept virtual cards instead of checks. Its first partner bank in this effort is none other than JP Morgan.
The new system enables businesses to share data from ERP and accounting systems more easily. Instead of swapping static supplier payments files, Codat uses secure and persistent API connections.
This should help increase spending via virtual cards. There is less friction, and processing these types of payments is much cheaper for businesses as well as banks.
It is another nail in the coffin for the old paper checks.
Featured
> JPMorgan and Codat Team to Drive Virtual Card Adoption
Business data API provider Codat and JPMorgan Chase have teamed to promote virtual card adoption. It’s the thinking behind the launch of Codat’s Supplier Enablement data product. It lets businesses more easily share their spending and supplier data from enterprise resource planning (ERP) systems and accounting software.
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- Source: https://www.fintechnexus.com/fintech-nexus-newsletter-april-16-2024-codat-and-jpmorgan-team-up-to-reduce-check-usage/
