UT Launches New Single Use Virtual Credit Program

The Procurement and Payment Services team, in partnership with J.P. Morgan Chase, is launching a new method of supplier payment called the Single Use Virtual Credit Program (SUVC). The new payment type sends virtual credit card information to vendors replacing traditional check and ACH payments.

The SUVC program provides benefits for both the university and our vendors.

University benefits include:

• Reduces the time, resources, and costs associated with check processing and exception handling
• Reduces the risk of fraud as compared to other methods of payment
• Defers the outflow of funds by combining University invoices into a single payment to Chase per monthly billing cycle
• The program simplifies the selection of vendor mail codes by automatically selecting the virtual credit mail code for enrolled suppliers

For more information about the Virtual Credit Program, please contact Virtual Credit Program Team in Accounts Payable at paymentservices@austin.utexas.edu.