The digitization of American banking continues with Friday's announcement that JPMorgan Chase (JPM +0.23%) is on the brink of introducing receipt-management technology for its account holders. The company doing the announcing was privately held Canadian fintech Sensibill, a receipt-management specialist and JPMorgan Chase's partner in the project.
Sensibill said that its technology would be introduced within the JPMorgan Chase mobile app in a "progressive rollout over the course of the next several months." At the end of the rollout period, all of the app's over 38 million active users will have access to it.
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In Sensibill's words, the receipt-management functionality allows users to "manage home office expenses, submit proof of purchase for insurance claims, track their spending at a granular level, and much more."
Receipt management has historically been a cumbersome task for both individuals and businesses. Although there are numerous digital solutions on the market that simplify the job, it's still uncommon for these solutions to be embedded in a major bank's app.
Sensibill lists a number of banks and other financial services companies on its website; presumably, they are clients. Veteran fintech hardware and solutions provider NCR is among them, as is The Bank of Nova Scotia's Scotiabank.
JPMorgan Chase has not yet made its own official announcement regarding the rollout of the new service. On Friday, the big bank's shares rose by 2.7% on the day, exceeding the gains of the major equity market indexes.
