Payment solutions provider Paysafe has appointed financial expert J.P. Morgan to oversee all banking operations.
Both companies already share a history of collaborative efforts, launching Paysafe’s Integrated and Ecommerce Solutions division in support of UK and European merchants by providing them with the capability of global payments acceptance through multi-currency settlements and different language integrations for checkouts.
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.”
As a partnering body, J.P. Morgan will support Paysafe with a multitude of solutions such as scheme payment settlements, tools for handling merchant payment flows, provision of thorough data insights and analysis, and assistance in dealing with foreign exchange and multi-currency settlements which, as previously mentioned, is already a field where Paysafe and J.P. Morgan have interacted together.
Paulette Rowe, CEO of Integrated and Ecommerce Solutions at Paysafe, also shared his thoughts on the new partnership:
“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.”
The move is expected to bolster operations for Paysafe’s partnering businesses with a scalable payment gateway capable of supporting growth and expansion, potentially proving much valuable for sectors and services that are still in the process of recovering from the pandemic such as the travel industry.
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.”