J.P. Morgan (JPM) Payments’ Pay-by-bank solution, which provides billers with the ability to allow their customers to pay bills directly from their bank account, is now live. Leveraging Mastercard’s (MA) open banking technology to enhance J.P. Morgan Payments’ ACH capabilities, Pay-by-bank offers payment choice and provides a simple, secure and frictionless experience for billers to offer to their customers. Verizon (VZ) is planning to pilot J.P. Morgan Payments’ Pay-by-bank offering with U.S. customers in the coming months. Pay-by-bank is a payment option that gives merchants the ability to allow their customers to conveniently pay directly from their bank account using traditional ACH banking rails.
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