Paysafe selects J.P. Morgan as a core banking provider

By Joy Dumasia

Paysafe announces the appointment of J.P. Morgan as its core banking provider. The global financial services firm’s work for Paysafe will be led from its Payments business, which combines cash management, payment solutions and merchant services for corporate clients, financial institutions and governments. 

The work with J.P. Morgan began with Paysafe’s Integrated and Ecommerce Solutions business, which provides global payment acceptance and processing services for merchants within the UK and Europe, with multi-currency settlements and multi-lingual checkouts. 

J.P. Morgan will support Paysafe in providing robust and scalable payment gateway and acquiring services for businesses across multiple sectors where Paysafe offers specialised solutions and expertise. This includes the travel industry, for which Paysafe has developed new and innovative ways to support businesses with flexible and tailored services as the sector continues to re-open following the pandemic. 

Among the established solutions which J.P. Morgan will provide to Paysafe are scheme payment settlements, handling of merchant payment flows, foreign exchange and multi-currency settlements, along enhanced data insights and analysis. The services are designed to be scalable to support ongoing growth and expansion. 

Paulette Rowe, CEO of Integrated and Ecommerce Solutions at Paysafe, commented: “We’re delighted to have embarked on our journey with world-class firm J.P. Morgan. Appointing a lead core banking provider creates many synergies and efficiencies for the business, and J.P. Morgan is supporting us with robust and flexible banking infrastructure in order to strengthen our business within our key verticals and territories.” 

Noah Sharp, Chief Banking Officer at Paysafe, said: “Our global relationship with J.P. Morgan goes from strength to strength as we extend our work together across multiple touch points. The bank has become a key and valued banking provider for us across the areas of payments, lending, capital markets, trade finance and escrow. Following our rich history together, working with an unrivalled globally-integrated payments solution offered by J.P. Morgan made perfect sense for us.” 

Veronique Steiner, Head of FinTech & Ecommerce EMEA at J.P. Morgan Payments, added: “We are delighted to have been selected as Paysafe’s banking provider as the company leverages our innovative payments solutions, providing the best payments options for their clients. As the world of payments technology evolves, J.P. Morgan is proud to be continually innovating to meet this change.”