J . P . Morgan
For J . P . Morgan , collaboration is key to growth in the Payment business . A prime example is the partnership with European car manufacturer Volkswagen to create Mobility Payments Solutions , focused on the future of cars and how payments can drive innovation through the auto segment . The company continues to look at additional partnerships that it might leverage in Asia – whether that ’ s with fintechs , aggregators , financial institutions , nonbanks or corporates . The firm also conducted strategic acquisition and alliances with Cleareye . AI , and the latest in-region partnership was with In-Solutions Global ( ISG ), a leading payment solutions provider . “ Those are collaboration aspects where we would look at whether we want to partner with them , invest in them , and then leverage their technology to support our solutions at the end of the day ,” Jang explains .
Finally , on competition , J . P . Morgan does not allow its size or scale to cloud its judgement of rivals in the market . “ Clearly we do face competition , with fintechs these days becoming more prevalent ,” Jang elaborates . “ But I do think having competition is healthy . Ultimately , it ’ s about benefitting the consumers who have the ability to choose their payment options – whether it ' s through banks , wallets or fintechs . And J . P . Morgan wants to be part of partnerships that deliver for clients .”
– whether it ' s on the markets front , tokenisation , real-time movement of money and cross-border payments .”
In addition to using SWIFT and ISO as the payment rails for cross-border transactions , J . P . Morgan is seeking to improve the sharing of data in real-time with Liink – the world ’ s first bank-led , productiongrade , peer-to-peer blockchain network for information sharing – and Confirm , an application for global account validation . This will reduce timescales for banks , cutting down on laborious tasks that need to be carried out manually while lowering rejection rates at the same time .
The company is working with a lot of different companies to facilitate cross-
Blockchain a key driver behind payments Jang is a firm believer in the possibilities brought about by blockchain , and expects the decentralised technology to form a key pillar of J . P . Morgan ’ s strategy as the company prepares for the future of payments . Jang explains : “ We are working globally on opportunities to leverage the technology and apply them to various requirements and solutioning technologymagazine . com 83