Chevron announced yesterday (April 20) that is had signed a multi-year agreement with banking giant JPMorgan Chase to handle its payment processing via ChaseNet, which is part of Chase Commerce Solutions.
Through this deal, Chase Commerce Solutions — which is the payment processing and merchant acquiring side of JPMC — will handle the payments processing for Chevron’s roughly 8,000 U.S. retail locations, which Chevron said will help create a secure and reliable payments platform for its merchants.
“This activity has been on our strategic roadmap and we are pleased to now bring it to completion,” Rod Tos, Manager of Card Operations at Chevron, said in a news release. “Chevron is always looking for innovative ways to improve the payment experience for our customers and we are delighted to partner with Chase to bring ongoing benefits to Chevron’s retail network.”
Chase Commerce Solutions consists of Chase Paymentech, Chase Pay online digital wallet and its customized closed-loop proprietary payments platform, ChaseNet. Its commerce side enables integrated solutions for all payment types. According to figures provided by JPMC, in 2014, Commerce Solutions processed 38.1 billion transactions with a value of $847.9 billion.
“We continue to enable commerce through a simple, secure payment experience for consumers and for our business clients,” Tom Nipper, executive director of Global Enterprise Solutions for Chase Commerce Solutions, said in the news release. “We are pleased to support Chevron as they accept credit card and stored value card payments easily and securely throughout its U.S. retail petroleum stores.”
At JPMC’s investor day earlier this month, CEO Jamie Dimon spoke about JPMC’s plans to move forward with its payments initiatives in an “aggressive” manner. He mentioned that the bank must look into evolving toward real-time systems, enhanced encryption techniques, and reduction of costs and “pain points” for customers.
“We particularly are excited about our payments business in total. The combination of Chase Paymentech, our merchant acquirer, ChaseNet, our proprietary Visa-supported network, and ChasePay, our proprietary wallet, allows us to offer merchants – large and small – better deals in terms of economics, simpler contracts, better data and more effective marketing to their clients,” Dimon said. “It also allows us to better serve consumer clients with a wide variety of offers and ease of use. We are going to be very aggressive in growing this business, and we will be disappointed if we don’t announce some exciting and potentially market-changing ventures.”