JP Morgan has been granted approval to become a principal member of Cartes Bancaires CB, France’s leading payments network.
The driving force behind JP Morgan’s collaboration with Cartes Bancaires CB is the ability to offer merchant clients access to the French payment network by the end of 2024.
By adding this function to its service, the bank aims to provide competitive transaction costs and leading local processing performance for French debit and credit card transactions.
This move allows customers to bypass more expensive products offered by the likes of Visa and Mastercard.
Founded in 1984, Cartes Bancaires CB is the leading payment system in France, facilitating 15 billion transactions annually through cards or mobile phones, with the network striving to deliver customers a seamless and secure shopping experience.
“We are proud that J.P. Morgan has chosen to join CB, the leading domestic card and mobile payment network in France,” Philippe Laulanie, CEO of Cartes Bancaires CB, commented.
“CB and J.P. Morgan share the same values, those that have made our both respective organisations successful: the values of economic efficiency, innovation, inclusion and security.”
“The road that now opens before us will lead us to numerous projects, which will bring real added value to the entire CB community.”
JP Morgan’s EMEA Payments division currently handles more than $1tn in payments daily and serves over 1,500 active European clients. On a global scale, JP Morgan Payments processes close to $10tn in payments daily across over 160 countries and in over 120 currencies.
Shahrokh Moinian, Head of EMEA Payments, JP Morgan, remarked: “This is a testament to our unwavering commitment to the European and French payments markets. Our EMEA franchise has gone from strength to strength in recent years, and this is a major milestone in our growth journey and wider ambition to become Europe’s leading payments provider.
“The European payments landscape is rapidly evolving and our principal membership positions us perfectly to provide future innovations and efficiencies to our clients.”
The American bank is also undergoing a domestic expansion, as it revealed plans last month to open up 500 new branches across the country over the next three years.
JP Morgan boasts a rich history in France, currently employing around 900 individuals, a number that is steadily increasing. Several of the firm’s business lines have established a footprint in the country, with Paris serving as its continental European trading hub overseeing the expansion of its commercial banking operations.
Ludovic Houri, Co-Head of EMEA Payments & Commerce Solutions, JP Morgan, stated: “Our north star is to enable our merchant clients to offer their customers a varied choice of payment options to suit their needs. Membership of Cartes Bancaires CB will help us take this to a whole new level in Europe and France in particular.”
JP Morgan has become the inaugural American “principal member” of CB, aligning with a 12-member governance body that includes major French banks such as BNP Paribas, Societe Generale, and HSBC and was granted the licence to join on 15 February.
Houri concluded: “It is also a huge honour to become a principal member of Cartes Bancaires CB. We are excited to participate in the strategic direction of the scheme by supporting its continued expansion and development, helping maintain its long history of providing secure and efficient payments to its users.”
