J.P. Morgan Becomes Principal Member of Cartes Bancaires CB, France’s Leading Payment Network
March 05 2024 - 1:00AM
Business Wire
- J.P. Morgan plans to support the French payment method for
merchant clients by end of 2024
- First U.S. bank to hold principal membership
J.P. Morgan announced today that it has been granted approval to
become a principal member of France’s leading payments network,
Cartes Bancaires CB, with the intention to offer merchant clients
access to the French payment network by the end of 2024.
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the full release here:
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J.P. Morgan was granted the license to become the first U.S.
bank to be a principal member of Cartes Bancaires CB on 15 February
2024.
Cartes Bancaires CB is the leading payment system in France with
15 billion CB transactions per year by card or mobile phone. J.P.
Morgan intends to offer merchant clients acquiring services of
Cartes Bancaires CB payment transactions by the end of 2024, which
aims to provide competitive transaction costs and leading local
processing performance for French debit and credit card
transactions. The Cartes Bancaires CB network ultimately aims to
provide customers with a seamless and safe shopping experience.
Ludovic Houri, co-Head of EMEA Payments & Commerce
Solutions, J.P. Morgan said, “Our North Star is to enable our
merchant clients to offer their customers a varied choice of
payment options to suit their needs. Membership of Cartes Bancaires
CB will help us take this to a whole new level in Europe and France
in particular. It is also a huge honour to become a principal
member of Cartes Bancaires CB. We are excited to participate in the
strategic direction of the scheme by supporting its continued
expansion and development, helping maintain its long history of
providing secure and efficient payments to its users.”
Shahrokh Moinian, Head of EMEA Payments, J.P. Morgan said, “This
is a testament to our unwavering commitment to the European and
French payments markets. Our EMEA franchise has gone from strength
to strength in recent years, and this is a major milestone in our
growth journey and wider ambition to become Europe’s leading
payments provider. The European payments landscape is rapidly
evolving and our principal membership positions us perfectly to
provide future innovations and efficiencies to our clients.”
J.P. Morgan’s EMEA Payments business now processes over $1
trillion of payments daily, and supports merchant acquiring to over
1,500 active European clients. Globally, J.P. Morgan Payments is
market-leading, processing nearly $10 trillion in payments daily,
operating in over 160 countries and over 120 currencies. J.P.
Morgan Payments combines treasury services, trade & working
capital, card and merchant services capabilities to help clients
pay customers or employees, in different currencies, around the
world.
Philippe Laulanie, CEO of Cartes Bancaires CB, said, “We are
proud that J.P. Morgan has chosen to join CB, the leading domestic
card and mobile payment network in France. CB and J.P. Morgan share
the same values, those that have made our respective organisations
successful: the values of economic efficiency, innovation,
inclusion and security. The road that now opens before us will lead
us to numerous projects, which will bring real added value to the
entire CB community.”
J.P. Morgan has a long history in France, currently employing
approximately 900 people – and that number continues to grow. Many
of the firm’s lines of business have a presence in France,
including being home to its continental European trading hub in
Paris and an expanding commercial banking business.
For more information about J.P. Morgan Payments, visit
https://www.jpmorgan.com/payments.
About J.P. Morgan’s Corporate & Investment Bank
J.P. Morgan’s Corporate & Investment Bank is a global leader
across banking, markets and securities services. The world’s most
important corporations, governments and institutions entrust us
with their business in more than 100 countries. With $32.4 trillion
of assets under custody and $660.8 billion in deposits, the
Corporate & Investment Bank provides strategic advice, raises
capital, manages risk and extends liquidity in markets around the
world. Further information about J.P. Morgan is available at
www.jpmorgan.com.
About Cartes Bancaires CB
Created in 1984 to implement a universal and interoperable card
and mobile payment system as well as a cash withdrawal system in
ATMs in France, the Cartes Bancaires CB, is the governing body of
the CB card and mobile payment system. CB has more than 100 member
banks and payment institutions located around the world. CB defines
the global architecture of the system, the interbank rules and
procedures and manages risks. CB also defines the technical and
security standards and ensures that the products and services used
in the CB system comply with the requirements of these standards.
In addition, CB operates an information system, offering its
members high-performance data-mining tools to fight against
fraud.
In 2022, there were:
- 76 million CB cards in circulation
- 50,000 CB Cash Dispensers
- 2 million CB merchant contracts
- 15 billion CB transactions (including 7 billion in contactless
mode), representing a volume of €685 billion
- 2 billion CB e-commerce transactions
More information on https://www.cartes-bancaires.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20240304657806/en/
Media Contacts
J.P. Morgan Richard Hillary,
richard.hillary@jpmorgan.com, +44 207
742 2309 Anne Roppé, anne.roppe@jpmorgan.com, +33 1 40 15 47 71
Cartes Bancaires CB Françoise Fanari - Cartes Bancaires CB
Communications Director - francoise-fanari@cartes-bancaires.com
Havas Paris - Roxane Certner : 06 46 89 25 00 / Estelle Bleuze : 06
73 97 94 17 - giecb@havas.com
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