Visa Inc. (NYSE: V) and JP Morgan Payments announced a strategic collaboration that aims to enhance merchant experiences, empower cardholders, and drive innovation for J.P. Morgan Payments’ customers by introducing faster domestic payments in the US through the Visa Direct network.
With Visa Direct’s extensive reach in the US, J.P. Morgan Payments “will empower merchants, businesses and fintech to embed faster domestic payments into their solutions, including its Push to Card payment rail, enabling fast and secure movement of funds directly to recipients’ bank accounts and digital accounts simply by leveraging the debit card credential.”
Combining Visa Direct’s real-time1 reach to bank accounts across the US, proven security, trust, and value-added services developed over decades “will further enhance J.P. Morgan Payments’ money movement solutions offered across client segments and business units.”
John Skinner, co-head of Treasury Services at J.P. Morgan Payments, commented:
“This is an important collaboration for our clients and our business. Visa Direct’s capabilities align strategically with our commitment to delivering innovative solutions to our clients. By boosting our ability to deliver faster payments, we’re streamlining payment processes, enhancing liquidity management, and providing greater convenience for our customers.”
Yanilsa Gonzalez Ore, Head of Money Movement Solutions, North America for Visa, added:
“We are thrilled to be working with J.P. Morgan Payments. Their dedication to excellence and customer-centric approach mirrors our own values. The addition of faster payments across North America for J.P. Morgan Payments customers is a further step in delivering on that promise, providing quicker, more efficient movement of money that benefit businesses, consumers, and the broader economy.”
Visa and J.P. Morgan Payments share “a common vision: to create a world where money movement is seamless, secure, and accessible to all.”
This collaboration represents a significant step “toward achieving that vision, and both organizations are committed to driving positive change in the financial ecosystem.”
J.P. Morgan Payments “combines treasury services, trade, card, and merchant services capabilities to help clients pay customers or employees, around the world.”
They are a global provider, processing “more than $10 trillion in payments daily, operating in over 160 countries and over 120 currencies.”
