• Thu. Jul 25th, 2024

J.P. Morgan Payments and Loop to Work Together to Boost Working Capital

John Wise

ByJohn Wise

Jun 26, 2024

Modern audit and payment platform designed for next-gen supply chains, Loop, has entered into a strategic collaboration with J.P. Morgan Payments.

The aim is to enhance the financial operations for third-party logistic providers, carriers and shippers.

Thanks to this partnership, the accessibility and profitability of financial operations will improve across the supply chain.  

The Collaboration

J.P. Morgan Payments and Loop have partnered to enhance management of working capital for freight payments.

This would strengthen the relationship between shippers and carriers, which are based on trust, transparency and speed.

The logistics-AI and automation technologies that Loop offers are aimed at boosting reliability, speed and accuracy.

J.P. Morgan Payments is able to leverage it for offering better payment and capital flexibility. Since it unlocks working capital, the partnership can drive growth and partnership across the supply chain.

Thanks to this partnership, Loop will also become a part of the J.P. Morgan Payments Partner Network. This will give it access to end-to-end payment experiences.

It is possible through an ecosystem comprising of third-party applications. Businesses can enjoy faster opportunities of growth via experts in various industries.

These include consumer/retail, transportation, healthcare and energy, amongst others.

The Offerings

Shippers can streamline the invoice approval process significantly through the logistics-AI platform that Loop offers for auditing and spend management.

With this platform, it takes only four hours to conduct a review that usually takes a week. The advanced J.P. Morgan Payments platform can process same-day payments for recognized carriers for a small fee.

To facilitate clients in paying employees or customers globally in various currencies, a number of capabilities have been integrated into the J.P. Morgan Payments platform.

This includes card, working capital and trade, treasury services as well as merchant services.

The Statements

Brian Holcomb from J.P. Morgan Payments said that they were pleased to collaborate with a leading technology company like Loop that possesses supply chain expertise.

He said that they would be able to offer a simple solution for the hurdles involved in freight payments. He added that it would significantly benefit anyone shipping goods for monetizing their capital.

The Head of Treasury Service Payment Product Solutions said that what had previously been considered a sunk cost would not assist in ensuring cost and revenue efficiency.

Loop’s co-founder and CEO, Matt McKinney, was equally enthusiastic about the collaboration. He said that the industry had had to suffer from misaligned incentives.

Therefore, they were looking forward to using the combined strength of J.P. Morgan Payments’ capabilities and their own platform to cater to shippers and carriers.

He said that it would create a win-win scenario, which is quite rare. The financial challenges that plague the supply chain industry can be addressed with the collaboration between the two firms.

Editorial credit: iama_sing / shutterstock.com

John Wise

John Wise

John Wise is a seasoned fintech analyst and writer with over a decade of experience in the field. With a Master’s degree in Computer Science from MIT, he specializes in simplifying complex financial technologies for a broad audience. At FinTech Service Reviews, John provides insightful and thorough reviews, helping readers navigate the evolving landscape of financial technology with ease.

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