J.P. Morgan launches a tool to match incoming payments to invoices

J.P. Morgan Payments announced a new tool called Receivables Matching on Monday, Nov. 2. It automatically matches money that comes in with the invoices it is meant to pay. For any business that bills customers, that is a chore that can eat up a lot of staff time.

What changed

When a payment arrives, an accounts receivable team has to work out which invoices it covers. They check the remittance information, which is the detail that says what a payment is for. They also fix any mismatches before the money can be recorded correctly. J.P. Morgan says this has long been necessary but labor-intensive.

The release says the problem is growing because businesses now get more payments, in more types and through more channels. Receivables Matching uses what the bank calls configurable matching technology to line up payments, remittance details and open invoice data. It also combines exception management and reporting in one product.

• Matches incoming payments to open invoices automatically
• Handles exceptions, meaning payments that do not match cleanly
• Includes reporting on incoming cash
• Built entirely in-house by J.P. Morgan Payments

Who it affects

The tool is aimed at J.P. Morgan Payments clients. Michelle Conklin, the company's head of receivables and public sector, said it offers more automation without replacing the technology clients already use.

What is not known yet

The release excerpt does not give pricing, a rollout schedule or any figures on how much time the tool saves. It also does not say how accurate the matching is.