JP Morgan Chase & Co. JPM is set to partner with France’s Cartes Bancaires CB, with plans to grant merchant clients access to the French payment network by the conclusion of 2024.
On February 15, 2024, J.P. Morgan received the license to be the inaugural U.S. bank as a principal member of Cartes Bancaires CB.
The development will enhance the payment network’s competitive position against U.S. giants Visa Inc. V and Mastercard Incorporated MA, Bloomberg reported.
Ludovic Houri, co-head of EMEA Payments & Commerce Solutions at JP Morgan, said, “Membership of Cartes Bancaires CB will help us take this to a whole new level in Europe and France in particular.”
JP Morgan’s EMEA Payments business now processes over $1 trillion of payments daily and supports merchants acquiring over 1,500 active European clients.
The company has a long history in France, currently employing approximately 900 people.
JP Morgan has been garnering investor attention of late, for significantly reducing manual labor for its corporate customers by up to 90% through its artificial intelligence-powered cashflow management tool, Cash Flow Intelligence.
Tony Wimmer, head of data and analytics at JPMorgan’s wholesale payments unit, reported the tool’s success since its launch a year ago, with around 2,500 clients currently utilizing it at no charge.
Read Next: JPMorgan Aims for $1.5B in AI Value by 2023, Boosting Efficiency in Corporate Finance
Price Action: JPM shares are trading lower by 0.02% to $186.65 premarket on the last check Tuesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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