“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.”

“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.””

“Payments is an extremely buzzy corner of the financial sector right now, and JPMorgan Chase wants to dominate it, Credit Suisse analyst Susan Roth Katzketold clients Friday following a meeting with the bank’s management.”

“As tours and activities become more in demand around the world, some credit cards are looking to be more than just the payment method you use to book a tour — card companies want to offer or lead the tours themselves.”

“With a new lock/unlock feature launching today, Chase is giving customers peace of mind with the power to temporarily turn off their Chase credit cards immediately, stopping them from being used when left behind or misplaced. The lock/unlock feature will allow customers to quickly lock or unlock their credit card right from their phones through the Chase Mobile app or by computer via chase.com to instantly block new purchases, cash advances and balance transfers.”

“In the past two years alone, JPMorgan has poured more than
$20 billion into new products for digital banking, investment advice, trading, and cybersecurity. A frequent visitor to Silicon Valley, Dimon has partnered his bank with fintechs in peer-to-peer consumer payments and small business loans, online mortgages, and auto financing. Instead of fearing fintechs as disrupters, JPMorgan treats them as subcontractors — and has invested in more than 100 of them.”

“Citi today announced it will launch comprehensive, new mobile capabilities on the Citi Mobile App® for iPhone to serve the full spectrum of client needs nationwide. The range of new features, rolling out in the weeks ahead, will include seamless in-app account opening, a 360-degree view across all financial accounts and spending insights to enhance clients’ financial wellness. In addition, the app will offer a first-of-its kind among banks — non-Citi clients can create a profile and connect their accounts across financial services providers to benefit from the app’s account aggregation, spending insights and bill management features.”

“Having merchants invite customers to use Chase Pay lets the bank control the payment experience, which is designed to let customers earn discounts through fuel rewards programs from Shell within Chase Pay, and build brand visibility at a time when non-bank mobile wallets like Apple Pay and Android pay become increasingly integrated with point-of-sale terminals.”

“TouchBistro(Opens Overlay), the provider of iPad POS software that has helped more than 12,000 restaurants improve their business operations, is introducing TouchBistro Payments powered by WePay(Opens Overlay), a Chase company. The companies are teaming up to deliver two time-saving innovations busy restaurant owners need: instant payment processing; and a new, integrated mobile payment device that allows customers to easily pay at the table as they choose – tap, chip, and traditional magnetic strip.”