Following this announcement, J.P. Morgan is expected to allow merchant customers to benefit from access to the French payment network by the end of 2024, as the financial institution received the license to become the first US-based bank to be a principal member of Cartes Bancaires CB.
J.P. Morgan’s Corporate & Investment Bank represents a global financial institution that operates across banking, markets, and securities solutions. The bank combines treasury services, card, and merchant tool capabilities, as well as trade and working capitals, aiming to optimise the manner in which companies pay customers or employees, in different currencies and multiple regions around the world.
The financial institution aims to provide traders and clients with secure and efficient access to acquiring solutions for Cartes Bancaires CB payment transactions, which will enable them to benefit from competitive transaction costs and improved local processing performance for French debit and credit card transactions. In addition, the Cartes Bancaires CB network will also focus on delivering customers and users with a safe and efficient shopping experience.
According to the press release, this partnership will further strengthen J.P. Morgan’s development in the region of France, as the financial institution has multiple employees and partners within the country. At the same time, many of the firm’s lines of business have a presence in France, including the home to its continental European trading hub in Paris, as well as an expanding commercial banking business.
J.P. Morgan is expected to provide its north star solution in order to enable merchants to give their clients a varied choice of payment methods that will meet their needs, preferences, and demands. The membership with the Cartes Bancaired CB is set to optimise the overall European financial landscape, with a focus on the region of France. As the overall European payments industry is rapidly evolving, the companies will also prioritise the process of remaining compliant with the regulatory requirements and laws of the local market.
Throughout this membership, both J.P. Morgan and Cartes Bancaires CB will continue to value economic efficiency, financial inclusion, and financial wellness, as well as optimised security in order to launch new projects and accelerate the overall development of the industry.
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