JPMorgan will become the first U.S. bank to take this step as it seeks to offer cheaper card payment costs to its clients in the country. The bank's merchant customers, which include some of the largest U.S. firms, will be able to process their payment via the CB's network by the end of 2024, offering a domestic alternative to rival services provided by Visa and Mastercard.
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JPMorgan joins France's payments network CB to skirt Visa, Mastercard
By doing so, the U.S. bank aims to "provide competitive transaction costs" to its clients, it said, without elaborating.
