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JPMorgan’s plan to kill credit cards split bank

Financial Times LogoFinancial Times1w ago

JPMorgan’s plan to kill credit cards split bank - Financial Times

Quick Summary:

JPMorgan declined to comment on what happened at the meeting, which also touched on other payments projects at the bank.

Pay-by-bank, which would enable sellers to take payment directly from a customer’s bank account, is part of the growing movement towards “open banking” — securely allowing consumers to give financial providers the ability to access their financial information.

This may change next year with the US Federal Reserve aiming to launch FedNow, a new rapid payments service for big banks, and is another reason why JPMorgan is moving on pay-by-bank.

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Article Details

Author / Journalist: Joshua Franklin

Category: MarketsFinanceInvesting

Topics: Card Dimon Banks Credit Bank Payments Merchants According Jpmorgan Pay-by-bank Financial

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2022-09-23, 04:00:15

News Timezone: GMT -5:00

News Source URL:

Language: English

Readers: 170 people read this story

Reading Time: 7 minutes read

Article Length: 1241 words

Coverage Area: United States

Availability: Desktop Web, Mobile Web

News ID: 485263

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