Payments company Discover has entered a new partnership with source-to-pay solution provider JAGGAER to power B2B payments on the JAGGAER ONE procurement platform.
In a press release issued Tuesday (Oct. 1), Discover announced its collaboration to enable payments via virtual card from directly within the JAGGAER ONE platform. The virtual card capabilities will go live early next year, the release said, with plans to introduce additional payment methods later on.
JAGGAER ONE offers businesses a unified platform on which they can generate purchase orders, receive and process invoices, and initiate payments to suppliers. The vendors, meanwhile, can have access to more detailed remittance data. Integrating payments from Discover means companies can send payments to vendors from directly within the platform, rather than having to use another system or solution.
“JAGGAER and Discover had a long history of listening to customers and are entering into a synergistic relationship to deliver the full value of virtual cards, with features that enable reconciliation,” said JAGGAER Chief Technology Officer Zia Zahiri in a statement. “We know that our shared customer base will embrace our drive to take payment processing to the next level.”
“Continuing to build our commercial payments portfolio through a relationship with JAGGAER showcases our commitment to bring the best payment solutions to all transaction types,” Discover Vice President of Partnership Business Development William Dulin added in another statement.
The companies noted that more than 2,000 corporates currently use the JAGGAER ONE platform to manage the procure-to-pay process with their collective 4 million suppliers across 70 countries.
Earlier this year JAGGAER announced that private equity firm Cinvent took a stake in the company, bringing its valuation to about $1.5 billion, including debt.
Last year Discover launched the Discover It Business credit card, a new commercial card product targeting cash back rewards for its business customers. At the time, Discover pointed to C+R Research it had commissioned, which found expense management remains a top concern for small businesses in the U.S.
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