JP Morgan and Mastercard put ‘Pay by Bank’ offering live for US billers
JP Morgan Payments’ Pay by Bank solution, which uses Mastercard’s Open Banking technology, has gone live in the US and is set to be piloted by Verizon.
Billers in the US will be able to give their customers the option to pay bills and recurring payments, including rent, utilities and healthcare, directly from their bank account, using traditional ACH banking rails.
Telecoms company Verizon intends to pilot JP Morgan Payments’ Pay by Bank offering with its US customers “in the coming months”.
“This innovative payment option aligns with our commitment to providing our customers with convenient and secure payment choices.
“We believe that Pay-by-Bank will enhance the overall customer experience, making it easier and more efficient for our customers to pay their bills,” said Darrell Conn, executive director at Verizon.
Billers whose customers already pay with ACH can enable the Pay by Bank solution on their existing payments page, allowing consumers to select ‘Pay-by-bank’, at which point they will be prompted to choose their bank and agree to securely share their bank account information through Mastercard’s Open Banking platform for recurring payments.
The first development stage of the Pay by Bank partnership between JP Morgan Payments and Mastercard began in November 2022.
Max Neukirchen, head of payments and commerce solutions at JP Morgan, said its partnership with Mastercard will allow for easy and secure payments directly from bank accounts.
“We are excited for the future as we have a robust pipeline of biller clients across the US interested to use our Pay by Bank offering, seeking to digitize their processes and increase payments efficiency,” he said.
“Today’s digital consumer seeks choice and value in every payment interaction,” added Chiro Aikat, executive vice president, US market development at Mastercard.
“They also look to gain more power and control over their finances, especially for everyday expenses like monthly bills.”