J.P. Morgan, Mastercard Launches Pay-by-bank Solution

(RTTNews) - US Banking major JPMorgan Chase & Co. (JPM) announced on Friday that it has launched J.P. Morgan Payments' Pay-by-bank solution which allows customers to pay bills directly from their bank accounts using traditional ACH banking rails.

By leveraging Mastercard Inc.'s (MA) open banking technology the pay-by-bank solution allows customers to pay bills in a simple, secure, and frictionless environment according to the bank.

Verizon Communications Inc. (VZ) plans to pilot J.P. Morgan Payments' Pay-by-bank offering with U.S. customers in the coming months.

"Today's digital consumer seeks choice and value in every payment interaction," said Chiro Aikat, EVP, U.S. Market Development, Mastercard. "They also look to gain more power and control over their finances, especially for everyday expenses like monthly bills. Our partnership with J.P. Morgan Payments helps meet this critical need, providing billers and merchants with a payment experience that is simple, seamless, and secure for their customers."

The launch is after the first development stage of J.P. Morgan Payments and Mastercard's Pay-by-bank partnership, which started in November 2022.