Visa Inc. and J.P. Morgan Payments Forge Strategic Collaboration to Revolutionize Faster Money Movement in the US through Visa Direct

Rhea-AI Summary

Visa Inc. and J.P. Morgan Payments have formed a strategic collaboration to revolutionize faster money movement in the US through Visa Direct. The collaboration aims to enhance merchant experiences, empower cardholders, and drive innovation by introducing faster domestic payments in the US. With Visa Direct's reach, J.P. Morgan Payments will enable businesses to embed faster payments into their solutions, providing secure movement of funds directly to recipients' accounts. This collaboration signifies a significant step towards creating a seamless, secure, and accessible money movement ecosystem for businesses and consumers.

Positive

• Visa Inc. and J.P. Morgan Payments collaborating to enhance merchant experiences and drive innovation
• Introduction of faster domestic payments in the US through Visa Direct network
• Empowering businesses to embed faster payments into their solutions
• Providing secure movement of funds directly to recipients' accounts
• Significant step towards creating a seamless, secure, and accessible money movement ecosystem for businesses and consumers

Negative

• None.

SAN FRANCISCO--(BUSINESS WIRE)-- Visa Inc. (NYSE: V) and J.P. Morgan Payments today announced a strategic collaboration that aims to enhance merchant experiences, empower cardholders, and drive innovation for J.P. Morgan Payments’ customers, with the introduction of 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 leader, processing more than $10 trillion in payments daily, operating in over 160 countries and over 120 currencies.

For more information on Visa Direct, visit: https://usa.visa.com/partner-with-us/payment-technology/visa-direct.html.

About Visa

Visa (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at Visa.com.

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¹ Actual fund availability depends on receiving financial institution and region.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240506240623/en/

Matt Rowntree

mrowntre@visa.com

Source: Visa Inc.

FAQ

What is the collaboration between Visa Inc. and J.P. Morgan Payments about?

Visa Inc. and J.P. Morgan Payments have formed a strategic collaboration to revolutionize faster money movement in the US through Visa Direct.

What are the benefits of the collaboration for businesses and consumers?

The collaboration aims to enhance merchant experiences, empower cardholders, and drive innovation by introducing faster domestic payments in the US.

How will the collaboration enable faster payments for businesses?

With Visa Direct's reach, J.P. Morgan Payments will enable businesses to embed faster payments into their solutions, providing secure movement of funds directly to recipients' accounts.

What does the collaboration signify in terms of money movement ecosystem?

The collaboration signifies a significant step towards creating a seamless, secure, and accessible money movement ecosystem for businesses and consumers.