JPMorgan Chase has provided business customers with expanded access to its $9.6 trillion payment network.
On Thursday, June 1, the financial institution presented its payment partner network, a digital platform based on Salesforce. With the help of this platform, sellers and corporate clients of the Treasury can view the matrix of partnership interaction and connect to it. This solution will meet the needs that relate to payments, and working capital needs.
The launch of the new digital platform is an action within the framework of the initiative to unite all payment systems of the banking giant in a single virtual zone. The relevant information is contained in a press release that was published by the financial institution on the occasion of the presentation of the digital product.
Jason Tiede, global head of Corporate Development and Partnerships at JPMorgan, says that the banking giant owns one of the world’s largest payment ecosystems, which is characterized by hundreds of third-party integrations that cover almost all industries and use cases. He also stated that the functioning of the partner network will make it easier for customers to find the best product partners.
The press release contains information that the virtual platform allows visitors to see and evaluate the integration of products that work with JPMorgan and meet their needs. This solution will help the business grow and scale. Also, in this case, the time for the implementation of technological solutions will be reduced.
Last month, Takis Georgakopoulos, global head of JPMorgan Payments, spoke about the financial institution’s efforts in the field of B2B. He noted that currently 40% of payments in this category are made using paper checks. According to him, large companies are aimed at increasing the level of efficiency, and small firms serving large players want to be able to interact with advanced financial platforms for their own growth.
Georgakopoulos also stated that APIs are gaining momentum, but it will take a long time before B2B becomes an everyday format of financial relationships, in his opinion. He noted that in the future there will be more opportunities for cooperation between JPMorgan Payments and fintech companies. Georgakopoulos believes that the period of the existence of commerce between the physical and digital space has a special value built-in financing.
As we have reported earlier, JPMorgan On Track to Deliver $1 Billion in Value Through AI.