UK-based payments platform Paysafe has chosen US investment bank J.P. Morgan as its core banking provider.
Under the alliance, the bank’s payments business, which specialises in corporate treasury services, trade finance, card and merchant services, will offer its services to Paysafe.
The bank will support Paysafe in offering payment gateway and acquiring services for businesses across a range of industries.
These include the travel sector, where the payment firm provides customised services to support businesses as they emerge from the pandemic.
Paysafe will also tap J.P. Morgan to enhance its scheme payment settlements, handling of merchant payment flows, foreign exchange and multi-currency settlements, among other things.
In addition, J.P. Morgan will provide the firm with data insights and analysis to support its ongoing expansion.
Paysafe CEO of Integrated and Ecommerce Solutions Paulette Rowe said: “We’re delighted to have embarked on our journey with world-class firm J.P. Morgan.
“Appointing a lead core banking provider creates many synergies and efficiencies for the business, and J.P. Morgan is supporting us with robust and flexible banking infrastructure in order to strengthen our business within our key verticals and territories.”
Paysafe first partnered with J.P Morgan for its Integrated and Ecommerce Solutions business. This business focus on payment acceptance and processing services for merchants in the UK and Europe.
J.P. Morgan Payments head of Fintech & Ecommerce EMEA Veronique Steiner said: “We are delighted to have been selected as Paysafe’s banking provider as the company leverages our innovative payments solutions, providing the best payments options for their clients. As the world of payments technology evolves, J.P. Morgan is proud to be continually innovating to meet this change.”