“J.P. Morgan shares news on its latest banking development efforts, by announcing about its Mastercard-powered pay-by-bank solution which is now officially live.”
J.P. Morgan is a worldwide known banking organization headquartered in the USA and focuses on providing various banking services, chiefly commercial banking, institutional investing, investment banking and more.
What’s the news?
J.P. Morgan shares news on its latest banking development efforts, by announcing about its Mastercard-powered pay-by-bank solution which is now officially live. Mastercard-powered pay-by-bank solution empowers billers to allow their customers to pay bills directly from their bank account.
Pay-by-bank provides billers and their clients with an easy, safe, and seamless payment experience by utilising Mastercard’s open banking platform.
Chiro Aikat, EVP, U.S. Market Development, Mastercard, said, “Today’s digital consumer seeks choice and value in every payment interaction,” said “They also look to gain more power and control over their finances, especially for everyday expenses like monthly bills. Our partnership with J.P. Morgan Payments helps meet this critical need, providing billers and merchants with a payments experience that is simple, seamless, and secure for their customers.”
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What J.P. Morgan’s Consumers Plan to Do with New Pay-by-bank Solution?
Billers who encounter various difficulties might find a comprehensive solution with J.P. Morgan Payments’ Pay-by-bank option. Billers whose clients now utilise ACH will find it simple to incorporate the Pay-by-bank function into their current payment page. Next, customers have the option to pay via the Pay-by-bank feature, which will ask them to choose their bank and safely transmit their bank account details across Mastercard’s open banking network. Payments for rent, utilities, tuition, account top-ups, insurance, and medical expenses can all be made with this recurring payment option.
Verizon plans to test the Pay-by-bank feature of J.P. Morgan Payments with its US customers in the coming months. With this payment option, merchants may give their consumers an easy way to pay by letting them use the conventional ACH banking rails to make payments straight from their bank account.
Max Neukirchen, Head of Payments & Commerce Solutions, J.P. Morgan, said, “We are dedicated to enabling our clients to offer their customers a variety of payment options. Our partnership with Mastercard will allow for easy and secure payments directly from bank accounts. We are excited for the future as we have a robust pipeline of biller clients across the U.S. interested to use our Pay-by-bank offering seeking to digitize their processes and increase payments efficiency.”