Paymentus highlighted its expanded relationship with J.P. Morgan Tuesday (Nov. 9) during an earnings call with investors and analysts. The provider of cloud-based bill payment technology and solutions also reported a 45% leap in the number of transactions it processed, compared with the same quarter the previous year.
“We continue to expand and strengthen our partnerships to expand distribution of our platform and network,” Paymentus Founder and CEO Dushyant Sharma said in a press release before the call.
In the expanded relationship, which was announced Oct. 22, J.P. Morgan began working with the company to modernize electronic bill payments for clients. The bank’s new Digital Bill Payment, which is powered by Paymentus, gives businesses a single platform for customer engagement, bill presentment and payments.
Read more: JPMorgan Debuts Digital Bill Payment Solution
Working With the No. 1 Payment Provider
As J.P. Morgan reports it is the No. 1 payment provider in the U.S. in terms of both annual transactions and dollar volume, Paymentus will grow too with this partnership.
“This is a very exciting relationship for us, and we have already seen the benefit in our sales as others have recognized the power of our combined resources,” Sharma said during the call.
Relationships like this with banks, software providers and consumer platforms enable Paymentus to reach more consumers, and it now reaches more than 100 million, the company reported in a presentation released along with the earnings call.
That translates into handling more transactions and, in fact, the company said in the release that it processed 70.6 million transactions in the third quarter, up 45% from the same quarter in 2020.
Implementing Solutions for a Large Utility
“As we add new products, such as B2B, account-to-account and person-to-person, the number now goes beyond pure bill payments to include other money-moving transactions,” said Paymentus Chief Financial Officer Matt Parson during the call.
He added that the company’s revenue for the third quarter was $101.7 million, marking the first time it topped $100 million in a quarter.
Among the new implementations that went live in the third quarter was a sizeable one done with one of the largest water utilities in the U.S., serving well over 1 million residential and commercial customers.
“They chose Paymentus to replace a legacy provider because of our platform’s functionality, real-time integration with their ERP system, and our IP and ecosystem,” Sharma said on the call.
We’re always on the lookout for opportunities to partner with innovators and disruptors.
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