This initiative aims to provide businesses with an automated and efficient direct debit system, a payment method increasingly used by companies to optimise financial operations.
The collaboration leverage Belvo’s Open Finance technology with J.P. Morgan Payments’ global expertise, offering businesses in various sectors a streamlined solution for implementing secure and reliable direct debit transactions. The initiative is expected to enhance payment processes, benefiting industries such as utilities, subscription services, insurance, lending, and automotive, among others.
According to the official press release, by automating recurring payments, businesses can reduce errors, improve liquidity, and minimise the need for manual interventions by customers.
Direct debit allows companies to ensure on-time payments while simplifying the user experience. This, in turn, supports improved cash flow and customer retention. J.P. Morgan Payments processes nearly USD 10 trillion daily across over 160 countries and in more than 120 currencies, providing extensive global reach and financial infrastructure.
The press release further reveals that, in 2023, J.P. Morgan Payments generated USD 18.3 billion in revenue, up 31% from the prior year, excluding the impact of equity investments. The firm emphasises solutions that enhance efficiency for its clients in Mexico and other markets.
Representatives from J.P. Morgan Payments in Mexico stated that this collaboration brings a robust direct debit solution to clients in the region, offering new features such as partial debit payments and improved settlement processes. They highlighted the commitment to helping companies in Mexico optimise operations and achieve sustainable growth through enhanced cash flow management.
In turn, Belvo officials commented that the partnership marks a significant step forward for the financial ecosystem in Mexico. They noted that automating recurring payments not only streamlines business operations but also simplifies the experience for users.
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