Former American Express corporate card executive Eduardo Vergara last month joined JPMorgan Treasury Services as global commercial card executive to oversee the day-to-day management and strategic direction of the firm's commercial card products.
Vergara has worked in the industry for 12 years, most recently heading global product management and global commercial card marketing at American Express. He also has worked in various positions at Bank of America, including head of international business development and the Latin America and Canada divisions, as well as an engagement manager focusing on card and payment strategy for financial institutions at McKinsey & Co.
"I'm coming into a company that is in an enviable position," Vergara said. "JPMorgan has one of the best client bases, and I'm really focusing on continuing to extend that leadership."
Vergara said a primary focus at JPMorgan would be international expansion. JPMorgan corporate cards currently are available in 42 countries, and Vergara said the company would continue to develop that footprint. Availability in new countries, including Indonesia and Taiwan, should come online later this year.
JPMorgan also will look at improving international services. For example, it is expanding its lodge/central travel account offering—in which a card number is lodged with a company's travel management company—in Europe, the Middle East and Africa, he said. Right now, its partnerships with such TMCs as BCD Travel, Carlson Wagonlit Travel and HRG covers about 15 countries, which JPMorgan plans to expand, he said.
In addition, Vergara will focus on data improvements, such as JPMorgan's PaymentNet with built-in currency conversions. "Currency conversions are a big priority," Vergara said. "We're also looking at new channels through partnerships with expense reporting companies."
Broader product innovation also is a goal, Vergara said. This includes such offering as single-use account technology and the new premium card offering JPMorgan launched earlier this year
(BTNonline, March 17).
Vergara's third priority is to improve the company's product line, for example, the GSA SmartPay 2 program, to which several such government agencies as NASA and the U.S. departments of Commerce, Transportation and the Interior now are transitioning.