JP Morgan has made its Pay-by-bank solution live for billers in collaboration with payments giant Mastercard.
Using Open Banking capabilities provided by Mastercard, JP Morgan’s Pay-by-bank can help billers offer customers a frictionless experience by accepting bill payments directly from the payer’s bank account.
Max Neukirchen, Head of Payments & Commerce Solutions at JP Morgan, said: “We are dedicated to enabling our clients to offer their customers a variety of payment options.
“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 US interested in using our Pay-by-bank offering seeking to digitise their processes and increase payments efficiency.”
Billers who have customers who are already paying with JP Morgan’s ACH services can still activate Pay-by-bank as part of their existing payments page. By selecting Pay-by-bank, consumers will then be prompted to choose their preferred bank and whether they want to share their bank account information with Mastercard’s Open Banking platform so that they can set recurring payments.
One of the first companies looking to try out the new service is Verizon, who will integrate Pay-by-bank for US customers in the coming months.
Darrell Conn, Executive Director of Verizon, commented: “This innovative payment option aligns with our commitment to providing our customers with convenient and secure payment choices. We believe that Pay-by-bank will enhance the overall customer experience, making it easier and more efficient for our customers to pay their bills.
“We look forward to this partnership with JP Morgan and Mastercard to bring more innovative solutions to our customers.”
JP Morgan and Mastercard first began their Pay-by-bank partnership in November 2022. Since then, the service has grown to become one of Mastercard’s investment priorities as it represents a perfect opportunity to increase the number of businesses engaging with the card giant’s Open Banking technology.
Chiro Aikat, EVP, US Market Development, Mastercard, added: “Today’s digital consumer seeks choice and value in every payment interaction.
“They also look to gain more power and control over their finances, especially for everyday expenses like monthly bills. Our partnership with JP Morgan Payments helps meet this critical need, providing billers and merchants with a payments experience that is simple, seamless, and secure for their customers.”
