Codat’s new data solution for issuing banks accelerates transition from checks to virtual card

J.P. Morgan using data API product to drive adoption of virtual card for B2B payments.

Codat, a leading business data API provider, announces the launch of its new Supplier Enablement data product. This product enables businesses to more easily share their spend and supplier data from ERP (enterprise resource planning) systems and accounting software. Card issuers can access the right data, in their preferred format, in order to recruit suppliers to accept virtual card payments instead of checks, on an ongoing basis.

With the growth of virtual cards as a payment method for business-to-business (B2B) transactions projected to reach $13.8 trillion by 2028, according to a Juniper Research study, many issuers are seeking solutions to seize this opportunity and drive greater benefits for their clients.

Now in production with J.P. Morgan, commercial clients are able to establish and scale programs for paying their suppliers with virtual card by connecting to comprehensive and up-to-date supplier and spend data. Replacing static supplier payment files with secure and persistent API connections, the solution provides more robust data sets and complete analysis to the bank, which should ultimately drive increased spend per connected client through its virtual card offering. The solution provides a process that is more efficient for both bank and client.   

Peter Lord, CEO at Codat, said: “With the rapidly-growing adoption of virtual cards for B2B payments, we felt the time was right to release a new data product specifically designed to transform supplier enablement and accelerate how the value of payments innovation is realized in the market. Codat’s ongoing collaboration with J.P. Morgan has been hugely valuable in helping us develop products that maximize the value of data sharing for financial institutions and their business clients.”

Stephen Markwell, Head of Product Strategy and FinTech Partnerships for Commercial Banking at J.P. Morgan, added: “Thanks to our work with Codat, our clients can easily and digitally deliver critical supplier enablement data to our firm, helping to realize efficiency gains and cost savings sooner as well as across a greater share of their spend.”

Learn more about Codat’s new supplier enablement data product here.