Powered by J.P. Morgan's virtual cards, new accounts payable solution now available for OSV's Workday customers
DALLAS, TX – (January 21, 2021) – OneSource Virtual (OSV), today announced the launch of Invoice Pay, a new payment optimization solution that provides its Workday customers with the ability to seamlessly pay and manage supplier payment options as an extension of its invoice imaging, coding and approval workflow tools. Powered by J.P. Morgan’s virtual card payments solution, Single-Use Accounts (SUA), Invoice Pay also offers comprehensive fraud protection and card rebates to OSV’s finance and accounting services customers.
Over the last five years, OSV has delivered a growing portfolio of finance and accounting services to its Workday customers—including providing payroll services to approximately three million of their employees. With Invoice Pay, OSV offers additional value to its Workday customers through payment capabilities such as ACH, virtual card, wire and check, in addition to fraud protection, card rebates, invoice reconciliation and a payment optimization engine that factors in suppliers’ payment preferences.
“Our new invoice payment solution powered by J.P. Morgan will use virtual cards to settle invoices, in addition to more traditional payment methods,” says John Bax, CFO at OSV. “This comes with three advantages to our customers. First, it enables one-to-one invoice settlement to simplify payment reconciliation, second, OSV will assume all liability for payment fraud, and third, rebates offered from SUA transactions will deliver significant savings on accounts payable and procure-to-pay functions.”
OSV’s Invoice Pay offering will provide a new Accounts Payable (AP) service for its Workday customers, streamlining the AP process and costs, increasing payment efficiencies and eliminating paper checks. The new service will also include supplier management. Customers’ suppliers will be contacted for onboarding and provided with supplier portals and payment preferences, creating a more equitable relationship and empowering suppliers to adopt electronic payments.
“We’re delighted to collaborate with OSV to enhance their in-tenant technology which leverages their customers’ Workday application for security, supplier databases, rules and workflows—eliminating the need for their customers to build or maintain additional integrations,” says Greg Kerwick, Head of TS Client Solutioning at J.P. Morgan. “Our sophisticated supplier network will additionally enable OSV customers to provide a more seamless payment experience.”