Visa and J.P Morgan Payments have entered into a strategic collaboration with an aim to enhance the merchant experience through faster US payments.
With additional goals of driving innovation and empowering J.P Morgan Payments cardholders, the partnership will introduce a faster domestic payments infrastructure, enhanced by the Visa Direct network.
The Push to Card payment rail will become a facet of the partnership which will enable fast and secure movement of funds directly to recipient’s bank accounts and digital accounts, leveraging debit card credentials.
John Skinner, Co-Head of Treasury Services at J.P Morgan Payments, said: “This is an important collaboration for our clients and our business. Visa Direct’s capabilities align strategically with our commitment to delivering innovative solutions to our clients.
“By boosting our ability to deliver faster payments, we’re streamlining payment processes, enhancing liquidity management, and providing greater convenience for our customers.
By combining Visa Direct’s real-time reach to bank accounts across the US, security, trust and value added services intend to further enhance J.P Morgan Payments’ money movement solutions offered across client segments and business units.
J.P Morgan Payments combines treasury services, trade, card and merchant services capabilities to help clients pay customers or employees, around the world.
Both entities have stated a common vision to “create a world where money movement is seamless, secure and accessible to all”. The collaboration is the next step in both Visa and J.P Morgan Payments’ bid to drive faster payments in the US.
Yanilsa Gonzalez Ore, Head of Money Movement Solutions, North America for Visa, added: “We are thrilled to be working with J.P. Morgan Payments. Their dedication to excellence and customer-centric approach mirrors our own values.
“The addition of faster payments across North America for J.P. Morgan Payments customers is a further step in delivering on that promise, providing quicker, more efficient movement of money that benefits businesses, consumers, and the broader economy.”
