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January 23, 2023

On the web

Bank of America, JPMorgan and Other Banks Reportedly Team Up on Digital Wallet to Rival Apple Pay

CNBC

Several banks are reportedly working on a digital wallet that links with debit and credit cards to compete with Apple Pay and PayPal. According to the Wall Street Journal, the digital wallet would be operated by Early Warning Services, a joint venture from several banks that also runs Zelle. The major banks involved include Wells Fargo, JPMorgan Chase and Bank of America, according to the report.

January 18, 2023

On the web

5 Companies at the Forefront of Real-time Payments in the US

IBS Intelligence

Real-time Payments (RTPs) are payments that settle and clear quickly with the use of an underlying platform or network called a ‘payment rail.’ RTPs are made between bank accounts. RTP solutions are built on the connection between payee and payer and can be used by merchants of any size, consumers, and financial institutions to carry out payments to settle bills or transfer money with peers or customers. Here are 5 companies at the forefront of Real-time Payments in the US...

December 19, 2022

On the wires

November 30, 2022

On the wires

Kyriba and J.P. Morgan Payments Launch New Real-Time Treasury Solution

Businesswire

“Kyriba, a global leader of cloud-based finance and IT solutions, and J.P. Morgan Payments, announce a new real-time treasury solution with a new API that delivers real-time cash visibility and bank reporting, which will be made available to their mutual clients. The end-to-end process automation, using J.P. Morgan’s open banking API capabilities, enhances existing API-based connectivity and enables more frequent data retrieval and status updates to power real-time decision making on investing cash balances. A mutual client, Hunt Companies, has already gained efficiencies and value from having these enhanced capabilities…Key Benefits of the API powering Real-Time Treasury: Real-time payments unlock efficiencies, reducing payments costs by up to 83%; Real-time bank reporting accelerates cash positioning and liquidity planning; Support end-to-end real-time payment processing to improve payments governance and fraud detection to reduce operational risk.”

November 22, 2022

On the web

JPMorgan Chase Crypto Wallet Trademark Is Approved

Crypto Briefing

“Banking giant JPMorgan Chase’s application for a trademark for a digital wallet with crypto features has been awarded by the U.S. Patent Office after more than two years in application status. JP Morgan has registered a digital wallet brand.  According to a filing with the U.S. Patent and Trademark Office, the bank filed a trademark for “JP Morgan Wallet” in July 2020; the filing was finally approved on November 15. The text of the trademark indicates that it can be applied to online services, including cryptocurrency payment processing, the electronic transfer of virtual currencies by an online community, and the exchange of virtual currencies. The trademark does not exclusively apply to crypto services. It can also be applied to other financial services, including virtual checking accounts, Automated Clearing House (ACH) payments, e-check processing, and bill payments.”

November 9, 2022

On the web

J.P. Morgan and Mastercard Modernize Account-Based Payments with Innovative ‘Pay-by-Bank’ Solution

Mastercard

“Cash, check or charge? How quaint. The way we move money — and what we consider money — has changed dramatically over the last decade. The use of cash is declining, and personal checks are largely on life support. Consumers are looking for greater choices like mobile payments, crypto wallets, and person-to-person payment apps, which are taking their place alongside staple payment methods like cards and bank-to-bank ACH payments.   But technology is transforming even as consumer expectations for seamless payments rise. The latest twist on ACH payments— which account for trillions of dollars of volume each year and continues to grow — is the application of open banking technology and makes the process even simpler and more secure.  Launched by J.P. Morgan Payments and Mastercard, Pay-by-Bank is an ACH payment that uses open banking, which enables consumers to permission their financial data to be shared seamlessly between trusted parties to let them pay bills directly from their bank account with greater security. No longer will they be faced with the tedium of typing in routing and account numbers each time they need to pay a bill. For billers and merchants, it automates consumer onboarding and reduces the risk and cost of storing bank account information.”

November 3, 2022

On the web

JPMorgan Executes First DeFi Transaction For Singapore’s Project Guardian

Benzinga

“Multinational banking behemoth JPMorgan Chase & Co JPM has completed the first-ever cross-border transaction using decentralized finance (DeFi) on an open blockchain. The trade was facilitated by the Monetary Authority of Singapore’s (MAS) Project Guardian on Nov. 2. Project Guardian was established to explore potential decentralized finance applications in wholesale funding markets and has completed its first live trades.”

October 31, 2022

On the web

JPMorgan Chase Wants to Disrupt the Rent Check with its Payments Platform for Landlords and Tenants

CNBC

“JPMorgan Chase is betting that landlords and tenants are finally ready to ditch paper checks and embrace digital payments. The bank is piloting a platform it created for property owners and managers that automates the invoicing and receipt of online rent payments, according to Sam Yen, chief innovation officer of JPMorgan’s commercial banking division.   While digital payments have steadily taken over more of the world’s transactions, boosted in recent years by the pandemic, there is one corner of commerce where paper still reigns supreme: the monthly rent check. That’s because the market is highly fragmented, with most of the country’s 12 million property owners running smaller portfolios of fewer than 100 units.”

October 28, 2022

On the web

Top Global Merchant Acquirer J.P. Morgan Expands Acquiring Capabilities in Asia Pacific

J.P. Morgan News

“J.P. Morgan, the leading merchant acquirer globally by volume of transactions1, is ramping up its Merchant Services capabilities in Asia Pacific (APAC) as it looks to offer the full spectrum of its payments services to corporates operating in a region that accounts for the largest retail e-commerce sales in the world2. The global financial services firm – which processed more than 35 billion transactions on behalf of clients in 2021, and is also the top merchant acquirer in the U.S.3 and leading e-commerce merchant acquirer in Europe4 by transaction volumes – recently expanded its acquiring solution to Singapore, South Korea and New Zealand, in addition to Australia, India and Japan, with Hong Kong planned by the end of the year.”

October 25, 2022

On the web

JP Morgan Announces Web3 Digital Identity and Wallet Solution Under Development

Tokenist

“Banking giant JP Morgan announced it is developing a digital identity offering empowering users to “choose identity credentials you want to share throughout your interactions online, across the web3, the metaverse, DeFi, and beyond.” The solution is not a live product offering and there are no guarantees the bank will launch it, JP Morgan said in a disclaimer. The digital identity offering is powered by JP Morgan’s Onyx, one the first bank-led blockchain platforms allowing users to trade value, information, and digital assets. The platform processed more than $300 billion in short-term loans since its launch in December 2020 through June 2022. Now, the Wall Street giant is working on a web3 digital identity solution to provide users with total control over their digital credentials, allowing them to prove who they are from anywhere and letting them share “only what you want to share.” JP Morgan’s goal is to enable users to store, share, and view digital assets bound to a single digital identity.”

JPMorgan Chase Merchants Can Now Receive Payments Through Meta Pay

Reuters

JPMorgan Chase & Co’s network of merchants will now be able to offer customers an option to make payments through Meta Pay, a top company executive at Meta Platforms Inc (META.O) said on Tuesday.

“Now people will be able to use Meta Pay as an easy, secure way to pay in even more places while shopping online,” Stephane Kasriel, who leads commerce, fintech and Web3 at Meta Platforms said in a tweet. In 2019, Facebook Pay, renamed as Meta Pay in June, was launched as a unified payments service through which users across Meta’s platforms including WhatsApp and Instagram can make payments without exiting the app.

October 19, 2022

On the web

JPMorgan Chase, Taking a Feature From Fintech Rivals, Gives Some Customers Early Payday Deposits

CNBC

“JPMorgan Chase is giving some customers early access to their direct deposits, a feature popularized by fintech rivals, as it hopes to attract users to a no-overdraft checking account. The bank is switching on this feature — which accelerates payments including payroll, tax refunds, pensions and government benefits by up to two days — to customers of its Secure Banking product starting this week, according to Ryan MacDonald, head of growth financial products for Chase.   That typically means getting paid on a Wednesday rather than Friday, he said.”

October 18, 2022

On the web

JP Morgan to Tokenize Euro Deposits Soon. Sees NFT Opportunity

Ledger Insights

“JP Morgan already enables tokenized U.S. dollar deposits with JPM Coin. Now it plans to enable blockchain-based Euro deposits ‘soon’ said Basek Toprak, head of Coin Systems at Onyx by JP Morgan. On another related topic, JP Morgan sees a payment opportunity for NFTs. “The technology today is not friendly enough for mass adoption,” said Brody Mulderig, who covers Fintech at JP Morgan, talking at the Crypto Assets conference.”

October 12, 2022

On the web

JPMorgan and Visa Team on Cross-Border Blockchain Payments

Cointelegraph

“Traditional finance and payment giants JPMorgan and Visa are teaming up to streamline the use of their private blockchain solutions Liink and B2B Connect to facilitate cross-border payments. According to an Oct. 11 report from Forbes, JPMorgan’s Liink is a network specifically designed for cross-border transfers and is offered under the bank’s blockchain and payments initiative Onyx. Onyx provides a platform for institutions to share financial information and validate transactions. Visa’s B2B Connect is a similar network to Liink that was built for institutional grade use and has now been integrated with Onxy’s Confirm.”

October 6, 2022

On the web

JP Morgan Chase Teams up with Pye to Offer Self-Ordering Kiosks in Midst of Labor Shortages

prnewswire

“Pye, a leading kiosk manufacturer, has teamed with Chase, a world financial leader, to securely process payments through its self-service point-of-sale solutions across Canada. As the Alabama-based firm expands its thriving U.S. footprint and ramps up sales and distribution of its innovative equipment outside of the United States, those units will connect with Chase’s end-to-end secure payment system. Chase’s solution will facilitate a variety of electronic payment methods, including contactless payments such as Android and Apple Pay. The offering comes as intercepted payments and hacks have dogged the transactional industry in recent years and as the COVID-19 pandemic pushes consumers to look for more contactless payment options. Backed by the power of Chase, concerned consumers can be confident when using Pye solutions, said Jegil Dugger, Pye founder and CEO.”

October 4, 2022

On the web

Survey: Check Use Drops to All-Time Low for B2B Payments

PR Newswire

“Check usage continues to decline for business-to-business (B2B) payments in U.S. and Canada (North America), falling to an all-time low of 33% since AFP began tracking this data in 2004, according to the 2022 AFP Digital Payments Survey, underwritten by J.P. Morgan. B2B check payments have dropped 9 percentage points in North America since 2019. This is consistent with the steady deadline in check usage reported by organizations over the past two decades. Since 2004, check usage has fallen by over 40 percentage points. Within North America, when paying major suppliers, the gap between paper and digital payments has widened to 13 percentage points, with 39 percent of organizations using ACH credits while 26 percent continue to use checks. This gap has increased by 11 percentage points since 2019, when the gap between ACH and checks was only two percentage points.”

September 27, 2022

On the web

Chase, DoorDash and Mastercard Announce Partnership to Launch Credit Card

Businesswire

“Chase, the largest co-brand card issuer in the U.S., and DoorDash, the local commerce platform, today announced plans to launch the first-ever DoorDash credit card, with Mastercard as the exclusive payments network for the new card. The DoorDash Rewards Mastercard will allow cardmembers to unlock benefits and earn rewards on purchases both on and off the DoorDash platform… The DoorDash Rewards Mastercard is a World Elite Mastercard® and will offer customers rewards and perks to provide even more value, selection and convenience, including complimentary 24/7 concierge service and access to Mastercard Priceless® Experiences. The new co-branded card expands the current relationship between all three parties.”

September 20, 2022

On the web

JPMorgan Sees ‘Very Little’ Demand for Crypto as Payment Tool

Bloomberg

“Demand for cryptocurrencies as a payment method has drastically declined over the past six months, according to Takis Georgakopoulos, global head of payments at JPMorgan Chase & Co. “We saw a lot of demand for our clients, let’s say up until six months ago,” Georgakopoulos said in a Bloomberg Television interview on Tuesday. “We see very little right now” but the bank will still support clients who want to use that method, he said. Cryptocurrencies are plowing through a downturn that has erased some $2 trillion in market value in less than a year and slashed volumes on many exchanges. High-profile digital-asset companies have also been pushed into bankruptcy. (subscription required)”

September 14, 2022

On the web

Jamie Dimon Thinks Fintechs Like Plaid Have an Unfair Advantage. Now, JPMorgan Is Doing Something About It

The Motley Fool

“There are very few chief executive officers that the market pays attention to more than Jamie Dimon, the esteemed leader of JPMorgan Chase, the largest U.S. bank by assets. So, as Dimon has intensified his calls on the growing competition from rival fintech companies, and at times what he calls their “unfair” advantages, investors may have been worried about the future of more traditional banks. But Dimon over the years has also vowed to fight hard, especially in the increasingly competitive world of payments. Now, the longtime CEO seems to be making good on that promise with JPMorgan’s recent fintech acquisitions. Let’s take a look at these recent acquisitions and how they could help the bank ward off competition from the likes of large fintech payment processors like Stripe and Plaid.”

September 12, 2022

On the web

JPMorgan Chase Acquires Payments Fintech Renovite to Help it Battle Stripe and Block

CNBC

“JPMorgan Chase has agreed to acquire a payments startup called Renovite to fend off threats from fintech firms including Stripe and Block , CNBC has learned. The bank, a major player in the global payments arena, said that acquiring Fremont, California based Renovite will speed up its ability to roll out new offerings to merchants.   While JPMorgan is the world’s biggest provider of merchant services by transaction volume, fast-growing upstarts including Stripe and Block have climbed the rankings in recent years, thanks to booming e-commerce sales and the proliferation of new payment methods. Merchant acquirers are crucial, behind-the-scenes providers that enable sellers to accept in-person and online payments, keeping a small cut of each transaction.”

July 22, 2022

On the web

Instacart and Chase Launch New Instacart Mastercard® Credit Card Unlocking New Rewards and Unlimited Earnings from Hundreds of Retailers

Businesswire

“Instacart, the leading grocery technology company in North America, and Chase, the largest co-brand card issuer in the U.S., today launched the new Instacart Mastercard credit card, with Mastercard as the exclusive payments network. With this first-ever credit card from Instacart, cardmembers can earn unlimited cash back with a range of redemption options, along with additional rewards and benefits. The new Instacart Mastercard from Chase, a World Elite Mastercard, offers cardmembers: Accelerated Earning Opportunities on Groceries and Everyday Purchases 5% cash back on Instacart purchases made at more than 800 national, regional, and local retail brands from more than 70,000 stores across more than 5,500 cities5% cash back on travel purchased through the Chase Travel Center2% cash back on restaurants, gas stations, and select streaming services1% cash back on all other purchases.”

June 10, 2022

On the web

How JPMorgan Chase is Using Payments Data to Woo Merchants From Fintechs

American Banker

“To help merchants improve their marketing, pricing and staffing strategies in a tightening economy, Chase this week began sharing deep insights about shoppers’ habits gleaned from two streams: its U.S. massive consumer card-spending database and huge national card-processing operations. The new resource, called Chase Customer Insights, rolled out this week after months of testing to Chase small-business customers and users of QuickAccept, the newest version of its small-business card acceptance service…(subscription required).”

May 31, 2022

On the web

JP Morgan in Singapore MAS Tokenization Pilot for DeFi on Public Blockchain

Ledger Insights

“Today the Monetary Authority of Singapore (MAS) announced Project Guardian, a digital assets pilot using tokenization on public blockchains. The project involves regulated financial institutions acting as ‘trust anchors’ with an initial pilot involving JP Morgan, DBS Bank and Marketnode, the SGX joint venture for bonds. Tokenized bonds and deposits will be used in a permissioned liquidity pool for DeFi transactions involving borrowing and lending on a public blockchain. This solution is not targeted at retail investors, so it will only be available in the wholesale market.”

October 27, 2020

On the web

JPMorgan creates new unit for blockchain projects, says the technology is close to making money

CNBC

“After years of hype with little to show for it, blockchain technology is on the cusp of a breakthrough: making money in actual business applications. At JPMorgan Chase , the firm’s digital currency JPM Coin is being used commercially for the first time this week by a large technology client to send payments around the world, said Takis Georgakopoulos, the bank’s global head of wholesale payments.   That development, along with other behind-the-scene moves, persuaded JPMorgan to create a new business to house its blockchain and digital currency efforts called Onyx , Georgakopoulos said last week in a phone interview. The unit has more than 100 dedicated staffers, he said.”

April 14, 2020

On the web

Chase’s Merchant Volume Rose 5% Despite a ‘Tale of Two Cities’ First Quarter

Digital Transactions

“JPMorgan Chase & Co., parent company of the nation’s biggest bank-owned merchant acquirer, managed to pull off a 5% increase in processing volume in the first quarter despite the restrictions on economic activity that took force in many states in the second half of March to control the Covid-19 pandemic. The New York City-based banking firm on Tuesday reported merchant-processing volume of $374.8 billon versus $356.5 billion a year earlier. And sales volume on the bank’s credit cards— Chase is the nation’s largest general-purpose card issuer—plus its debit cards rose 4% to $266 billion.”

November 7, 2019

On the web

JPMorgan Has a Plan to Help Amazon and Airbnb Look More Like Banks

Bloomberg

“The JPMorgan product would give tech companies the ability to provide millions of customers virtual bank accounts and to offer perks such as car loans or discounts on home rentals to those who keep money stashed there. The more customers use their virtual accounts to pay for services, the less the companies would have to spend on payment-processing fees to third parties such as JPMorgan.”

July 29, 2019

On the web

JPMorgan Chase Ends Business Loan Partnership With OnDeck

American Banker

“JPMorgan Chase is ending a three-year-old partnership with OnDeck Capital that enabled the bank to start offering online loans to small businesses. New York-based OnDeck announced Monday that JPMorgan plans to stop originating loans through the partnership later this week. JPMorgan said that it will continue to offer online small-business loans, but will no longer do so in partnership with OnDeck. “It’s been a great collaboration with OnDeck,” the bank said in a written statement. “They helped us create and launch an online loan application process that gave business owners faster decisions and easier access to credit, something we will continue to do on our own platform.””

May 20, 2019

On the web

January 7, 2019

On the web

Jeff Bezos and Jamie Dimon: Best of Frenemies

Wall Street Journal (paywall)

“The fortunes of the two companies have become more entwined over the years. They are closely connected through a credit-card deal struck when the retailer was still mostly selling books and CDs on the internet. JPMorgan is in talks to partner with Amazon on a number of financial ventures, and the bank lends to the tech company. With Warren Buffett’s Berkshire Hathaway Inc., the companies are working on a first-of-its kind venture to lower health-care costsfor their hundreds of thousands of employees. Increasingly, JPMorgan has begun to emulate some of Amazon’s signature management practices.”

October 9, 2018

On the web