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Loop & J.P. Morgan Payments to boost working capital with freight payments

By Gloria Mathias

June 21, 2024

  • Bank Account
  • Billing
  • BillingPlatform
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J.P. Morgan payments, BillingPlatform, workflow automation, billing, invoicing, Pay-by-bank, bank account, open banking technology, merchants, insurance, healthcare, Fintech news, Fintech USA, Loop, Freight Payments, Working capital, Loop, the modern audit & payment platform for the next-gen supply chain, has announced its collaboration with J.P. Morgan Payments to help make financial operations more accessible and profitable for every shipper, carrier, and third-party logistics provider.

Together, Loop and J.P. Morgan Payments will boost working capital with freight payments and facilitate stronger relationships between carriers and shippers built on speed, transparency, and trust.

Loop’s logistics-AI and automation improve accuracy, speed, and trust, enabling J.P. Morgan Payments to provide capital and payment flexibility with confidence. Together, the firms are unlocking working capital that propels growth and collaboration across the supply chain. In addition, Loop will join the J.P. Morgan Payments Partner Network, which delivers end-to-end payment experiences through an ecosystem of third-party applications that can grow businesses faster, provided by experts in industries such as energy, healthcare, transportation, consumer/retail, and more.

Loop’s logistics-AI platform for spend management and auditing radically streamlines the invoice approval process for shippers, reducing the usual weeklong review to just four hours. Recognized carriers can receive payments often on the same day through J.P. Morgan Payments’ advanced payments platform for a small fee. J.P. Morgan Payments combines treasury services, trade & working capital, card, and merchant services capabilities to help clients pay customers or employees in different currencies around the world.

“We’re pleased to work with Loop, a leading technology company with deep expertise in the supply chain, to help solve a major pain point in freight payments with access to the flexibility and network of J.P. Morgan Payments–it’s a game-changer for our clients that ship goods to monetize their capital,” said Brian Holcomb, Head of Treasury Service Payment Product Solutions, J.P. Morgan Payments. “Together, we see a significant opportunity to take what was historically a sunk operational cost component for these businesses and instead help drive revenue and cost efficiency.”

“For too long, misaligned incentives have persisted across the industry. We’re excited to put the combined power of our platform and J.P. Morgan Payments’ expertise and capabilities to work on behalf of carriers and shippers to create a rare win-win,” said Matt McKinney, CEO and co-founder of Loop.

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