JP Morgan (credit image/Pixabay/sergeitokmakov)Salesforce has announced that J.P. Morgan has unveiled its new Payments Partner Network – a marketplace powered by Commerce Cloud. The Payments Partner Network features third-party partners that are integrated with the J.P. Morgan Payments platform. The platform makes it easier for clients to discover, search, and learn more about relevant J.P. Morgan partner product solutions. The company says it unlocks opportunities for growth and efficiency.

J.P. Morgan, a long-standing Financial Services Cloud customer, is entrusting Commerce Cloud with helping achieve its ultimate vision of creating the #1 global ecosystem for end-to-end payments partner solutions.

J.P. Morgan’s payments business combines the firm’s merchant services, treasury, card, and trade finance capabilities. The solution is expected to help clients make and receive payments anytime from anywhere. The Partner Network, which is initially launching in ‘beta,’ is the first step in bringing together all of J.P. Morgan Payments’ integrations in a digital platform. It helps clients easily search, view, and tap the financial services company’s ecosystem of third-party integrations for end-to-end payment and treasury needs.

(credit image/LinkedIn/Michael Affronti)
Michael Affronti, SVP and GM of Commerce Cloud at Salesforce

“Forty-five percent of insurance or banking companies plan to prioritise building their own digital marketplace in the next two years,” said Michael Affronti, SVP and GM of Commerce Cloud at Salesforce. “They are easy to scale and adjust for customer preferences, and when powered by the right technology. Companies can quickly gain powerful insights through new first-party data and bring together siloed parts of the business.”

“We’re excited to work alongside J.P. Morgan to build an incredible network for merchants. At the same time providing a seamless experience for its payments partners,” Affronti continued.

The J.P. Morgan Payments Partner Network:

  • Enables self-service discovery. Platform visitors can easily view and assess the product integrations that work well with J.P. Morgan and suit their needs.
  • Helps businesses scale: J.P. Morgan’s large network of integrated solutions fits the needs of businesses as they grow and expand.
  • Facilitates easy implementation: By understanding the partner solutions that are integrated to J.P. Morgan, clients can save time implementing. This allows them to focus on their businesses.

“J.P. Morgan has one of the largest payments ecosystems in the world, with hundreds of live third-party integrations. These span virtually every industry and use case. The Partner Network will make it easier for our clients to efficiently discover and assess the best product partners to suit their business needs,” said Jason Tiede, Global Head, Corporate Development and Partnerships for J.P. Morgan.

In addition to the Payments Partner Network, J.P. Morgan unveiled two new connectors for the Salesforce AppExchange. The J.P. Morgan Payments Connecter for B2B Commerce and Order Management and the J.P. Morgan Payments B2C Commerce Cartridge. Both apps feature on the Payments Partner Network. Organisations using Salesforce Commerce Cloud solutions can now connect directly to the J.P. Morgan gateway via a J.P. Morgan connector. This facilitates virtual transactions originating in Salesforce and managing everything from customer payment to settled funds in a merchant’s account.

Enterprise Times: What this means for business.

It’s a bit surprising that these two giants in their respective fields have not partnered before to develop a solution. Supported by Salesforce technology, J.P. Morgan’s new digital marketplace will surface an ecosystem of third-party payment integrations for merchants and corporate treasury clients. This is nothing but a win-win situation for both companies.

Managing and maintaining a multitude of partners and solutions in a marketplace is increasingly challenging for companies like J.P. Morgan. Companies operating in marketplaces expect to maintain their brand reputation and ensure customer satisfaction. With an increasing emphasis on ratings, fulfilment and product pricing, this relationship has become more complex and dynamic than ever before.

Yet, analysts expect marketplaces to grow in the next few years as large enterprises embrace the pace and adopt marketplaces. Hence this partnership. Why should an organisation develop and replicate a marketplace, when they can partner with a leading solution provider. Expect to see similar partnerships between large financial companies and other eCommerce platform providers in the future.

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