JP Morgan has expanded its global commerce platform in Europe with the addition of Dutch payments network, iDEAL.
As part of the agreement, businesses using the bank’s payments processing service will be able to offer payments online through iDEAL. This partnership aims to strengthen the bank’s ability to provide a diverse range of payment options.
iDEAL is one of the most widely used payment networks in the Netherlands, processing over 1 billion transactions annually. It handles an average of 3.5 million transactions per day, with peak days exceeding 6 million.
Amos Kater, Chief Product Officer at iDEAL, commented: “At iDEAL, we are committed to enabling seamless, secure, and familiar payment experiences for Dutch consumers. Partnering with JP Morgan Payments is a significant step in expanding our reach and ensuring that merchants across Europe can offer the trusted payment method their customers rely on.”
JP Morgan highlighted that this integration underscores its commitment to offering merchant clients a seamless and secure payments journey, especially in Europe, which is a key region for the bank’s success.
The bank processes over $1trn in payments daily across its EMEA business and supports more than 1,500 European clients. Jeroen Kok, Head of JP Morgan Payments in the Netherlands, emphasised that the agreement with iDEAL reinforces the bank’s “ongoing commitment to the European payments market.”
He added: “With over 70% of online purchases made via iDEAL, it is a crucial payment method for our regional merchant clients in the Netherlands. This partnership further supports our efforts to provide our clients with the payment options their customers prefer.”
Last month, JP Morgan Payments announced a partnership with buy now, pay later (BNPL) firm Klarna. However, Klarna’s services will only be available to businesses starting next year.
Despite this, the bank’s plans to introduce BNPL offerings into its payments commerce solutions demonstrate that traditional banking firms are becoming increasingly aware of BNPL’s popularity.
