Visa and JP Morgan Payments have entered a strategic collaboration to speed up domestic payments in the US, through the Visa Direct network.
Visa Direct enables real-time domestic and international money transfers between accounts linked to eligible card credentials and between friends and family.
The collaboration aims to enhance merchant experiences, empower cardholders, and drive innovation for JP Morgan Payments’ customers.
JP Morgan Payments will use Visa Direct’s broad reach in the US, to empower merchants, businesses and fintech to embed faster domestic payments into their solutions.
Visa Direct’s Push to Card payment rail enables fast and secure transfer of funds directly to recipients’ bank accounts and digital accounts, using only debit card credentials.
Visa North America money movement solutions head Yanilsa Gonzalez Ore said: “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.”
The collaboration represents a significant step forward in Visa and JP Morgan Payments’ shared goal of driving positive change in the financial ecosystem.
It will leverage Visa Direct’s real-time reach to US bank accounts, security, trust, and value-added services developed over decades.
Also, the collaboration will further enhance JP Morgan Payments’ money movement solutions, offered across the client segments and business units.
JP Morgan Payments offers treasury services, trade, card, and merchant services capabilities to help clients pay customers or employees, operating in more than 160 countries.
J.P. Morgan Payments treasury services co-head John Skinner said: “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.”