JPMorgan has become a principal member of the French payment network Cartes Bancaires CB.
The mentioned financial institution became the first American bank to join the specified payment network. The lender from the United States has received the appropriate license. The financial institution, which is the largest in the American banking sector in terms of asset volume, intends to support the payment method offered by the French platform, for merchant clients. The relevant information is contained in a JPMorgan press release published on Tuesday, March 5.
Ludovic Houri, co-head of Payments and Commercial Solutions in the EMEA region at the American bank, says that the purpose of the financial institution is to provide merchant clients with the opportunity to offer consumers a diverse range of payment options that take into account individual needs regarding relevant transactions. According to him, membership in Cartes Bancaires CB will help JPMorgan take the mentioned efforts to a whole new level in Europe and France in particular.
The press release contains information according to which 15 billion bank transactions using cards or mobile phones are carried out annually through the French payment network.
JPMorgan will offer merchant clients the acquiring services of payment operations Cartes Bancaires CB. The bank is expected to launch a corresponding solution by the end of the current year. In this case, JPMorgan is committed to ensuring competitive transaction costs and leading local processing of relevant debit and credit card operations. The relevant information is contained in the press release of the financial institution.
The new offer will expand JPMorgan’s existing payment business capabilities in the EMEA region. Within the framework of this business of a financial institution, payment transactions worth more than $1 trillion are processed daily. The bank also supports merchant acquisition for more than 1,500 European clients, as mentioned in the press release.
On Black Friday and Cyber Monday last year, the financial institution’s payment system processed a record number of transactions on not-present cards in Europe. On Black Friday, 18.2 million payment operations were processed. On Cyber Monday, the corresponding figure was 19.6 million transactions. Compared to the result of 2022, the number of financial operations processed on Black Friday increased by 7%. The same indicator for Cyber Monday grew by 17% year-on-year.
It is worth noting that JPMorgan Payments also offers treasury services, trading and working capital replenishment, card and merchant services to clients. With these solutions, the user can pay clients or employees in various currencies around the world.
Philippe Laulanie, CEO of Cartes Bancaires CB, says that the payment system and JPMorgan share the same values, including economic efficiency, inclusivity, security, and innovation. According to him, the current prospects will allow the French platform to implement numerous projects that will bring real added value to the entire Cartes Bancaires CB community.
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