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November 04, 2011 09:47 AM Eastern Daylight Time
Commercial Card Award Winners Include Coca-Cola Refreshments, ING Insurance U.S., Marriott International, Memorial Sloan-Kettering, P.F. Chang’s and Zep Inc.
NEW YORK--(BUSINESS WIRE)--J.P. Morgan’s Commercial Card Solutions unit today announced that it has recognized a number of its clients for industry leadership. Among the clients to receive its 2011 J.P. Morgan Commercial Card Award are Coca-Cola Refreshments, ING Insurance U.S., Marriott International, Memorial Sloan-Kettering, P.F. Chang’s and Zep Inc. The awards were distributed at J.P. Morgan’s annual Payment Solutions Client Conference, an event attended by hundreds of corporate, public sector and higher education financial professionals.
“J.P. Morgan is in the fifth year of its awards program, designed to recognize clients who demonstrate leadership in the development of payables programs utilizing J.P. Morgan solutions”
“J.P. Morgan is in the fifth year of its awards program, designed to recognize clients who demonstrate leadership in the development of payables programs utilizing J.P. Morgan solutions,” said Andy Pilkington, Global Commercial Card Head, J.P. Morgan. “We applaud the individuals for their commitment to excellence and for driving their organizations toward more efficient financial processes.”
Among the award winners:
- 2011 Lifetime Achievement Award went to Marriott International for its history of notable program achievements. Marriott, which doubled its card volume in less than five years, has achieved strong year-over-year utilization rates for its U.S. and UK purchasing cards. In addition, Marriott has a substantial corporate travel card program and will soon expand its programs to include Canadian purchasing and travel cards as well as European purchasing cards.
- 2011 Commercial Card Best Practices Award went to P.F. Chang’s for applying best practices to help drive the growth of their card program. Their program demonstrates a variety of best practices, including mandates that all new vendors accept cards, use of current card data to better negotiate with vendors, requirements for manager-level review and approval of transactions, and continual reviews and updates of card limits to encourage approved spend. Moreover, a recent expansion services engagement grew the program significantly in less than two years.
- 2011 Commercial Card Expansion Award went to ING Insurance U.S. for applying expansion services methodology to successfully add a new card product to their existing program. ING Insurance U.S. employed J.P. Morgan Expansion Services for a single-use account campaign to identify and recruit 245 suppliers worth $18 million in spend for its program. The company also implemented a new corporate travel program.
- 2011 Commercial Card Strategic Partnership Award went to Zep Inc. for implementing multiple products and services across its business to fulfill diverse payables strategies. Zep has purchasing card programs in the United States and Canada, a single-use account program in the United States, and recently implemented a corporate travel card program.
- 2011 Order-to-Pay Expertise Award went to Coca-Cola Refreshments (CCR) for improving both the effectiveness and efficiency of its overall payables processes. The cornerstone of this improvement has been the rapid increase of electronically received invoices through an aggressive supplier enrollment program. When CCR began using Order-to-Pay in 2007, the goal was to reduce paper invoices and payment processing by 80% over six years and maximize discount and rebate opportunities. With help from J.P. Morgan’s Supplier Enrollment team, CCR reached and exceeded that goal last year, two years ahead of plan. Today 89% of CCR’s invoices are received electronically in some way from suppliers.
- 2011 Order-to-Pay Strategic Partnership Award went to Memorial Sloan-Kettering Cancer Center (MSKCC) for implementing multiple products and services across its business to fulfill diverse payables strategies. The Accounts Payable department has more than doubled its invoice volume since implementation without adding staff.
About J.P. Morgan Commercial Card Solutions
J.P. Morgan has offered commercial card solutions for more than 25 years. The Bank currently serves more than five thousand public and private sector clients and more than six million cardholders. According to The Nilson Report, J.P. Morgan is the leading issuer of Visa/MasterCard commercial and purchasing cards in terms of dollar volume. J.P. Morgan offers the world’s most widely accepted card with coverage at more than 31 million outlets worldwide.
