J.P. Morgan today announced it has formed an alliance with IBM to help companies streamline and bring greater control over corporate travel and expense management. The new offering integrates IBM's expense management tools and services with J.P. Morgan's Corporate Card solution. It's intended to help companies improve visibility into business travel costs, leverage supplier relationships, cut costs and time associated with expense report processing, and monitor and audit expense reports for compliance with travel policies.
IBM's Global Expense Reporting Solutions automates the process of managing business travel and expenses, including the submission, approval, reimbursement, and monitoring of employment-related expenses. It also offers integration with travel reservation data from a range of booking tools. As business travel purchases are made, J.P. Morgan Corporate Card transaction data — along with e-receipt data direct from travel suppliers — is uploaded into IBM's service, and automatically populates the expense report under the appropriate expense categories, resulting in less time needed to prepare, file, audit and approve expense reports. The solution incorporates J.P. Morgan's PaymentNet online visibility and reporting tool and IBM's auditing capabilities.
J.P. Morgan has 550,000 private and private sector commercial card accounts.