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The J.P. Morgan Single -Use Account (Virtual Card) solution is an electronic, credit card - based payment method that can help the City more efficiently manage your payment process as well as help reduce costs and transform traditional areas of expense into potential revenue generators. Benefits of our solution include the following: • Replacement of less efficient payment methods, such as checks • The flexibility, float, and rebate of a purchasing card coupled with powerful payment control, anti - fraud, and reconciliation features • Increased payment processing efficiency through automation and integration, improving record accuracy and shortening reconciliation periods while providing security and visibility throughout the payment cycle • Financial returns in the form of a rebate • An efficient way to hold on to cash longer while paying suppliers sooner As part of our single -use account solution, the City will have access to the smartdata system, the engine that interfaces with MasterCard to create your accounts. lJill e t it J.P. Morgan offers flexible single -use account setup options to meet our clients' virtual payment needs. The batch option that we are proposing for the City will allow you to utilize your current ERP system to manage your accounts payable expenses. N f Batch single -use accounts support payments made within a set terms schedule (e.g., 30- day payments). This payment option is ideal for accounts payable and claims type transactions, and is designed to be integrated with the City's internal ERP system, allowing you to utilize the resources you have in place today. During implementation, we will work with your organization to set up your system's output and input file formats to support single -use accounts. To streamline and enhance accounts payable activities, single -use accounts automatically match transactions to unique identifiers, such as purchase orders or invoice numbers, in your internal system. Once you receive an order or invoice, you can enter it into your ERP system, helping to ensure that the payment meets all internal approval points. The City can load approved payments into your system throughout the day. Your system will then create a file of payments to be sent to J.P. Morgan for single -use account creation. Our clients typically batch payment files once per day (often at the end of the workday) and send them to J.P. Morgan for overnight processing. Page 106 a.D.I.li o as n In