J.P. Morgan Payments has joined the MACH Alliance, a not-for-profit industry body dedicated to advocating for open, best-of-breed technology ecosystems. J.P. Morgan is one of the world’s largest financial institutions. Membership to MACH will help J.P. Morgan create thought leadership and educate companies on the role of composable technology in financial services. The company plans to deliver more innovative digital experiences to both their clients and end users.
The finance industry must adapt to technological and market disruptions, modernising banking experiences to meet the needs of digital-first consumers. This was one of the learnings in the MACH Alliance’s “MACH Global Research 2024” report. Three-quarters of global IT decision-makers feel it is more urgent to innovate in 2024 than in the past five years. 87% of IT leaders in the financial services sector have increased their investment in MACH in the last 12 months.
J.P. Morgan says it is at the forefront of digital innovation. Its J.P. Morgan Payments arm processes payments on a high-traffic, global scale. The solution processes nearly $10 trillion in payments daily across 160 countries and 120 currencies. The company has spent the last several years modernising its tech stack around MACH principles.
Commitment to MACH principles
Specifically aiming to enhance its commerce capabilities for online payments, in-store and omnichannel payments, fraud protection services, and more. J.P. Morgan’s technological approach demonstrates a commitment to MACH principles by:
- Deploying API-first connectivity for automated business processes.
- Building a cloud-native architecture for more security.
- Leveraging component-based microservices to speed up implementation of commerce capabilities.
- Driving a digitally enabled experience to simplify back-office functions.
“One of the more cutting-edge companies in financial services, we are thrilled to have J.P. Morgan join the MACH Alliance. To share its knowledge and advocate for more modern digital experiences,” said Casper Rasmussen, president of the MACH Alliance and group SVP of technology at Valtech. “The rate of adoption of MACH in the US and globally is rising. The firm is well positioned to support customers that adopt composability, such as retailers that need reliable commerce and payment tools.”
“At J.P. Morgan Payments, we continue to deliver new solutions and enhance our capabilities. We are building a modern payments business globally,” said Kate Walton, chief commercial officer, merchant payments at J.P. Morgan Payments. “We have a rich network of relationships with organisations across the commerce technology ecosystem, including partners, clients, and service providers. The movement toward MACH is an exciting transformation. We look forward to helping our clients accelerate innovation to better deliver more seamless and secure experiences for their end customers in a rapidly evolving landscape.”
J.P. Morgan joins MACH Alliance as a Supporter member, a category for leading organisations to share their unique thought leadership and innovations within composability. The company is expected to actively contribute to MACH Alliance activities, conferences, and the wider member community, which must be reflected in the digital infrastructure.
Enterprise Times: What this means for businesses
So, one of the largest financial institutions in the world has decided to join the MACH Alliance as a supporter member. This is significant because it highlights the growing understanding of MACH technology in the financial services and wider business world.
Increasingly, organisations, regardless of size and sector, are appreciating the importance of different customer experiences. As a result, enterprises are developing eco-systems based on composable trends to future-proof their digital strategies with MACH principles. As a result, they are moving away from large monolithic one-fits-all platforms towards more agile platforms.
Although not noted in the press release, it would have been interesting to confirm if J.P. Morgan is embracing these same principles in the development of their payment solutions. However, the signing-up of one of the largest banks in the world, especially around payments, will act as a catalyst for MACH in the financial services sector. This was demonstrated by the headline figure: 87% of financial services IT leaders increased MACH investment in the past year. Inevitably, other leading players in the payments market will be drumming the doors for membership of the MACH Alliance.
