J.P. Morgan and Mastercard Pay-by-Bank solution goes live
By Delisha Fernandes
J.P. Morgan, has announced its Mastercard-powered pay-by-bank solution has officially gone live. The new solution provides billers with the ability to allow their customers to pay bills directly from their bank account.
Leveraging Mastercard’s open banking technology to enhance J.P. Morgan Payments’ ACH capabilities, Pay-by-bank offers payment choice and provides a simple, secure and frictionless experience for billers to offer to their customers.
“We are dedicated to enabling our clients to offer their customers a variety of payment options,” said Max Neukirchen, Head of Payments & Commerce Solutions, J.P. Morgan. “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.”
Verizon is planning to pilot J.P. Morgan Payments’ Pay-by-bank offering with US customers in the coming months. Pay-by-bank is a payment option that gives merchants the ability to allow their customers to conveniently pay directly from their bank account using traditional ACH banking rails.
J.P. Morgan Payments’ Pay-by-bank offering addresses multiple pain-points for billers in particular. Billers whose customers already pay with ACH can enable the Pay-by-bank solution on their existing payments page. Consumers can then select “Pay-by-bank.” They will be prompted to choose their bank and agree to securely share their bank account information through Mastercard’s open banking platform for recurring payments like rent, utilities, tuition and account top ups, insurance, and healthcare.
“Today’s digital consumer seeks choice and value in every payment interaction,” said Chiro Aikat, EVP, U.S. Market Development, Mastercard. “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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December 08, 2023