NEW YORK, April 24, 2003 - JPMorgan Treasury Services, a unit of JPMorgan Chase Bank and a leader in global payment, trade finance and treasury services management, today announced the signing of a long-term agreement with Navistar International Corporation's International Finance Group (International Finance) to provide electronic invoice presentment and payment services (EIPP) in the U.S. Using technology from BCE Emergis, JPMorgan will upgrade International Finance's existing accounts receivable process, making their one million annual invoices available online. JPMorgan's electronic invoicing process will allow International dealers and retail customers to pre-schedule payments online, so they can better manage their trade credit, while benefiting from the efficiencies and cost savings of electronic routing of workflow documents.
"Our EIPP solution will enable International Finance to re-engineer its invoicing processes across multiple legacy platforms into an integrated, web-based solution. Providing dealers with a single, centralized location to access invoice and reconciliation information, initiate real-time dispute management and schedule electronic payments was a key driver of their business case," explained Gregory Kerwick, vice president EIPP business development for JPMorgan Treasury Services. "By streamlining International Finance's accounts receivable operations, their dealers will have information at their fingertips, which means they can better manage their cash flow. This translates into more satisfied customers and business partners."
JPMorgan has enjoyed a long standing Investment Banking relationship with Navistar, dating back more than 100 years. Building off this relationship, Navistar chose to work through JPMorgan to secure its EIPP technology, thereby leveraging JPMorgan's stability, security, and cash management expertise as they re-engineer their cash collection processes.
JPMorgan's EIPP solution allows companies to Web-enable their invoicing and payment processes while providing their trading partners with value-added services. JPMorgan's hosted EIPP platform enables clients to electronically send invoices to their trading partners who can then view, dispute, approve and pay their invoices through the same web-based channel. JPMorgan's EIPP solution replaces traditional paper billing and lockbox processes, thereby reducing costs for both clients and their trading partners. By electronically collecting funds, clients also benefit from enhanced cash forecasting, cash collection and cash application. JPMorgan's solution also simplifies data integration to legacy accounts receivable/accounts payable systems while providing clients with the flexibility to customize the functionality and business rules to map to their legacy invoicing environment.
A financing source to businesses involved in transportation since 1949, International Finance is the financing source of International Truck and Engine Corporation, a wholly owned subsidiary of Navistar and a leading producer of mid-range diesel engines, trucks and parts and service sold under the InternationalÂ® brand. International products, parts and services are sold through a network of nearly 1,000 dealer outlets in the United States, Canada, Brazil, and Mexico and more than 60 dealers in 90 other countries throughout the world. The company currently processes all invoices and many of its payments and dispute resolutions manually.
"In looking for an EIPP solution, we were driven by the need to find a customer-friendly solution, and JPMorgan had the know-how and experience we knew we could rely on," stated Vaun Kampschroeder, chief information officer for International Finance. "We see JPMorgan as far more than just providing a technology solution. They're truly a strategic banking partner that is committed to making this program a success."
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