JPMorgan Chase, Midmarket Buyers Testing Single-Use Accounts

JPMorgan Chase today announced single-use accounts and new reporting capabilities for its midmarket corporate clients as well as new tweaks to its rewards and executive card programs.

Chase during the next few months will pilot single-use accounts with midmarket customers—which it defines as under $500 million in corporate revenues, a definition that fits about 20,000 of its commercial banking clients—that allows them to use one-time-only credit card numbers to pay for large, single purposes. Chase commercial card product executive director Lisa Steury said the accounts could have uses related to travel and entertainment spending, such as booking flights for contractors or prospective employees or paying the master folio bill following a meeting.

The bank also is moving midmarket card customers to MasterCard's second-generation Smart Data reporting platform. Its features include online billing statements, receipt imaging, an online card application and a new expense reporting tool. MasterCard also plans to add online payment capabilities and enhancements to its fraud monitoring tools.

Chase today also announced that it has opened up its rewards program to allow point accumulation on purchases across all merchant category codes. Previously, cardholders earned points only on T&E purchases, Steury said.

In June, Chase also will change its executive card program to two tiers of service: the executive card program, which offers concierge service and enhanced insurance, and an elite service level that offers additional privileges, including airport lounge access.