By joining Cartes Bancaires (CB), JP Morgan will allow its merchant clients to accept credit card payments through the French network instead of Mastercard or Visa.
By joining Cartes Bancaires (CB), JP Morgan will allow its merchant clients to accept credit card payments through the French network instead of Mastercard or Visa.
The US bank claims that as part of its goal to "provide competitive transaction costs and leading local processing performance" for debit and credit card transactions, it will grant clients access to the CB network by year's end.
JPMorgan has joined a 12-member governance board that comprises HSBC and all of the major French banks, including BNP Paribas and Societe Generale, to become the first "principal member" of CB from the United States.
Founded in 1984, CB handled 15 billion transactions totaling €685 billion by 2022, with 76 million cards in use.
"The European payments landscape is rapidly evolving, and our principal membership positions us perfectly to provide future innovations and efficiencies to our clients," states Shahrokh Moinian, head of JP Morgan Emea Payments.
CB CEO Philippe Laulanie continues, saying, "The road that now opens before us will lead to numerous projects, which will bring real added value to the entire CB community."
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