JPMorgan Chase is giving business clients deeper access into its $9.6 trillion payments network.
The banking giant on Thursday (June 1) debuted its Payments Partner Network, a digital platform powered by Salesforce that lets merchants and corporate treasury clients view and tap into a matrix of partner integration for their payment and working capital needs.
The launch is the first step in combining all of J.P. Morgan’s payment integrations into one digital platform, the bank said in a news release provided to PYMNTS.
“J.P. Morgan has one of the largest payments ecosystems in the world, with hundreds of third party integrations spanning virtually every industry and use case,” said Jason Tiede, the bank’s global head of corporate development and partnerships.
“The Partner Network will make it easier for clients to efficiently discover and assess the best product partners to suit their needs.”
According to the release, the network lets visitors see and assess product integrations that work well with J.P. Morgan and meet their needs. It can help businesses grow and scale, and saves clients time on implementation so they can spend more time focusing on their companies.
PYMNTS explored J.P. Morgan’s B2B efforts in a conversation last month with Takis Georgakopoulos, global head of J.P. Morgan Payments.
He noted technologies and trends that have the potential to reshape B2B payments, 40% of which are still done via paper check.
“Larger companies desire to become more efficient and small companies that serve those larger companies want to be able to work with as many of those platforms as possible so that they themselves can also grow,” Georgakapoulos told PYMNTS’ Karen Webster.
“Everyone from the CFO to the CEO to the head of product, head of technology, are all there at the table,” when it comes to discussions about digitization.
APIs are gaining traction, he added, but there’s a long way to go before B2B finally becomes part of the modern age.
In the future, he told Webster, there will be more room for partnerships between J.P. Morgan Payments and FinTechs. “They’re very good clients, and they also raise the bar in terms of what we need to do.” And the key word moving forward boils down to one thing: resiliency.
As commerce shifts between the digital and physical spaces, “you need to offer value,” Georgakopoulos said. “And, increasingly, the value is coming through embedded finance.”
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