Paysafe Selects J.P. Morgan as Core Banking Provider
March 09 2022 - 4:00AM
Business Wire
Leading specialised payments platform
partners with the global financial services firm to power
international payments settlement
Leading specialised payments platform, Paysafe (NYSE: PSFE),
announces the appointment of J.P. Morgan as its core banking
provider. The global financial services firm’s work for Paysafe
will be led from its Payments business, which combines cash
management, payment solutions and merchant services for corporate
clients, financial institutions and governments.
The work with J.P. Morgan began with Paysafe’s Integrated and
Ecommerce Solutions business, which provides global payment
acceptance and processing services for merchants within the UK and
Europe, with multi-currency settlements and multi-lingual
checkouts.
J.P. Morgan will support Paysafe in providing robust and
scalable payment gateway and acquiring services for businesses
across multiple sectors where Paysafe offers specialised solutions
and expertise. This includes the travel industry, for which Paysafe
has developed new and innovative ways to support businesses with
flexible and tailored services as the sector continues to re-open
following the pandemic.
Among the established solutions which J.P. Morgan will provide
to Paysafe are scheme payment settlements, handling of merchant
payment flows, foreign exchange and multi-currency settlements,
along with enhanced data insights and analysis. The services are
designed to be scalable to support ongoing growth and
expansion.
Paulette Rowe, CEO of Integrated and Ecommerce Solutions at
Paysafe, commented: “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.”
Noah Sharp, Chief Banking Officer at Paysafe, said: “Our global
relationship with J.P. Morgan goes from strength to strength as we
extend our work together across multiple touch points. The bank has
become a key and valued banking provider for us across the areas of
payments, lending, capital markets, trade finance and escrow.
Following our rich history together, working with an unrivalled
globally-integrated payments solution offered by J.P. Morgan made
perfect sense for us.”
Veronique Steiner, Head of Fintech & Ecommerce EMEA at J.P.
Morgan Payments added: “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.”
J.P. Morgan’s Payments business combines corporate treasury
services, trade finance, card and merchant services capabilities,
delivering an integrated payments experience to clients across the
economy.
About Paysafe Limited
Paysafe Limited (“Paysafe”) (NYSE: PSFE) (PSFE.WS) is a leading
specialized payments platform. Its core purpose is to enable
businesses and consumers to connect and transact seamlessly through
industry-leading capabilities in payment processing, digital
wallet, and online cash solutions. With over 20 years of online
payment experience, an annualized transactional volume of over US
$120 billion in 2021, and approximately 3,500 employees located in
10+ countries, Paysafe connects businesses and consumers across 100
payment types in over 40 currencies around the world. Delivered
through an integrated platform, Paysafe solutions are geared toward
mobile-initiated transactions, real-time analytics and the
convergence between brick-and-mortar and online payments. Further
information is available at www.paysafe.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20220309005084/en/
Anna Howard, Director of Communications, Europe and Asia,
Paysafe Anna.howard@paysafe.com Phone:
+442038908975
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