Discover, a leading direct bank and payments company, and JAGGAER unveiled a new procure-to-pay solution leveraging spend management capabilities from the JAGGAER ONE platform and the trusted global infrastructure and settlement capabilities from the Discover Global Network.
The Discover Global Network will support payments on JAGGAER ONE Platform’s vast network of more than 2000 customers and 4 million suppliers in 70 countries. Discover will work with JAGGAER to bring virtual card numbers as a solution in early 2020 followed by other payment method options later that year.
“JAGGAER and Discover have 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. We know that our shared customer base will embrace our drive to take payment processing to the next level,” said Zia Zahiri, Chief Technology Officer at JAGGAER.
The JAGGAER ONE Platform and Discover can help provide a more reliable and cost-effective way for buyers to create purchase orders, receive invoices and send payments, while sellers receive more-detailed remittance information. The new payment capabilities will allow for the ability to process payments in one system rather than having to manage multiple procurement systems. By delivering enhanced data, reducing the amount of paper transactions accounts payable departments may transition from a cost center to a profit center.
“Continuing to build our commercial payments portfolio through a relationship with JAGGAER showcases our commitment to bring the best payments solutions to all transaction types,” said William Dulin, Vice President of Partnership Business Development at Discover.
Discover Financial Services (NYSE: DFS) is a direct banking and payment services company with one of the most recognized brands in U.S. financial services. Since its inception in 1986, the company has become one of the largest card issuers in the United States. The company issues the Discover card, America’s cash rewards pioneer, and offers private student loans, personal loans, home equity loans, checking and savings accounts and certificates of deposit through its direct banking business. It operates the Discover Global Network comprised of Discover Network, with millions of merchant and cash access locations; PULSE, one of the nation’s leading ATM/debit networks; and Diners Club International, a global payments network with acceptance around the world. For more information, visit www.discover.com/company.
JAGGAER is the world’s largest independent spend management company, with over 2000 customers connected to a network of 4 million suppliers in 70 countries, served by offices located in the Americas, APAC, Asia and EMEA. JAGGAER offers complete SaaS-based Source to Pay solutions with advanced Spend Analytics, Sourcing, Supplier Management, Contract Lifecycle Management, Savings Tracking, and intelligent workflow capabilities all on a single platform, JAGGAER ONE. JAGGAER has pioneered spend solutions for over two decades and continues to lead the innovation curve by listening to customers and stakeholders in all industry sectors, public services and academia. Additionally, JAGGAER holds 37 patents–more than any other spend management company.