The new initiative is part of JP Morgan’s Innovation Economy banking division, which is focused on catering to growth companies, founders, as well as the venture capital community. This adds to the already existing competition in account management and financial products or services for high-tech firms and companies.
JP Morgan will prioritise mainly late-stage high-tech companies, offering them solutions such as capital raising support, payment management, or liquidity services. The financial institution is also set to provide strategic advice to venture capital funds, as well as their portfolio companies.
American multinational financial services company, JP Morgan had multiple partnerships and product launches in the last couple of months, covering several geographic areas around the globe.
JP Morgan announced in March 2023 that its end-to-end payments solution was set to power Volvo’s online direct-to-customer sales model for the first electric car roll in India. Integrated into the auto manufacturer’s website, JP Morgan’s payment product allowed Volvo’s clients to select, customise, and make down payments and transactions for their online car booking through a range of online and digital payment methods. The balance was facilitated through electronic fund transfers.
In addition to the Merchant Services proposition, Volvo’s underlying flow leveraged JP Morgan’s virtual reference (VRN) tool. Each client was given the possibility to assign a unique VRN linked to their purchase order number, which allowed for payments to be made synchronously both via the online payment gateway and electronic fund transfers, which then were collected and reconciled.
Earlier in March 2023, JP Morgan updated its global platform in order to allow users to fund Real-Time Payments using their existing liquidity 7 days a week. The company’s most recent service was set to enable customers in all locations to directly use their liquidity infrastructure in order to ensure the liquidity was accessible whenever payments and transactions are made.
JP Morgan announced in the same month a pilot of biometric-based payments with selected US-based merchants and retailers, looking to allow speed and efficiency for customers and traders alike. The pilot service marked the first one that was launched from JP Morgan Payments’ new Commerce Solutions suite of tools, which aimed to improve the way merchants and clients adapted to the rapidly changing payments landscape. The biometrics-based payment pilot consisted of palm and face identification for the payment authentication process in-store and functions on an enroll-capture-authenticate-pay basis.
In February 2023, JP Morgan rolled out its decision to restrict its employees from using ChatGBT, an artificial intelligence program. The choice was made according to the limits and regulations on third-party software due to compliance concerns.
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