The multinational financial institution J.P. Morgan Chase & Co, on Tuesday, became a principal member of France-based payments network Cartes Bancaires (CB) to provide business access to transfer funds via the French payment network by 2024.
The investment and commercial bank said it received the license in mid-February to become the US bank to be a principal member of CB.
J.P. Morgan said it looks to provide comprehensive transaction costs and customized local processing performance for French debit and credit card transactions as well as provide customers with seamless everyday transactions.
“CB and J.P. Morgan share the same values, those that have made our respective organizations successful, the road that now opens before us will lead us to numerous projects, which will bring real added value to the entire CB community,” said Philippe Laulanie, Chief Executive Officer of CB.
“The European payments landscape is rapidly evolving and our principal membership positions us perfectly to provide future innovations and efficiencies to our clients,” said Shahrokh Moinian, Head of EMEA Payments at J.P. Morgan.
The U.S.-based financial institution J.P. Morgan is a prominent corporate institutional and government client globally. J.P. Morgan’s EMEA Payments business processes over $1 trillion of payment transactions every day and supports merchants acquiring over 1,500 active European clients.
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