A benchmark study from Financial Insights names JPMorgan Chase as the leader in the emerging area of financial supply chain offerings, “based primarily on the comprehensive scope of its offerings, as well as the organizational focus it has shown” in pursuing supply chain business, according to the Financial Insights’ statement. JPMorgan Chase offers electronic purchase orders, purchasing/commercial cards, buyer financing, logistics tracking, white label, and enrollment. American Express and Bank of New York Mellon were close runners up. Citigroup, Deutsche Bank, Bank of America and Wells Fargo were also benchmarked.
“Financial institutions will have to work together to connect their individual buyer-supplier networks into a single network-of-networks, similar to what is happening in the check image exchange market,” says Financial Insights practice leader and report author Aaron McPherson in a statement. Financial institutions still have to agree on a remittance data standard and push their customers to use it in a coordinated standard as the focus of competition will become comprehensive service, reliability, and quality, rather than proprietary buyer-supplier networks or connectivity standards.”
