Discover J.P. Morgan’s innovative Pay-by-bank system, simplifying bill payments through secure ACH transactions, enhancing user convenience.

Finally available is J.P. Morgan Payments’ Pay-by-bank system, which was tested and deployed in November 2022.

Pay-by-bank allows users to pay bills straight from their bank account via conventional ACH banking rails, utilising Mastercard’s technology. It gives billers a secure experience to provide to their clients and gives them options for payment. Furthermore, the official launch of the product for US consumers will be piloted by the international telecommunications company Verizon.

Pay-by-bank aims to address a number of issues with bill payment, which will help both billers and customers.

Billers can activate the Pay-by-bank option on their current payments page if their clients currently pay by ACH. After that, customers can choose “Pay-by-bank.” When it comes to recurring payments, they will be asked to select their bank and consent to securely sharing the details of their bank account with Mastercard’s open banking platform. Rent, utilities, tuition, account top-ups, insurance, and medical expenses are a few examples.

Benefits to consumers

Billers can offer their clients a new, safe payment alternative by implementing pay-by-bank. Consequently, the checkout process may be substantially enhanced. The system retrieves all the data required to complete a payment using the customer’s current bank authentication methods, including biometric technology. They are therefore able to safely pay for things like rent, utilities, tuition, insurance, and medical care.

Bill paying

Benefits for billers

Clients can activate the Pay-by-bank option on their current payments page if they currently use ACH for payment. Pay-by-bank analyses the best moment to start making payments using Mastercard’s open banking technology, which includes Smart Payment Decisioning Tools.

This is predicated on the risk patterns and past transaction behaviour of the billpayer. Thus, by assisting in ensuring that payments are made and lowering the possibility of returns owing to inadequate balance, this safeguards both customers and retailers. Securely obtaining bank data with customer consent is another benefit that might lessen the possibility of unauthorised activities. It also removes the requirement to keep track of client banking information.

The possibilities of online banking

Pay-by-bank is just another example of how Mastercard’s open banking technology enables individuals and organisations to securely share data globally in order to access novel experiences, such as secure and seamless lending and new payment methods.

Mastercard has powered and safeguarded the larger digital ecosystem as well as its worldwide network for over 50 years with ethical data practises. The individual is at the centre of Mastercard’s data-design practises according to its Data Responsibility Principles, which state that you own the data, maintain control over it, should profit from using it, and that we secure it.

“We are committed to empowering our partners to provide a range of payment choices to their clients,” says Max Neukirchen, J.P. Morgan’s head of payments and commerce solutions. Our collaboration with Mastercard will make it possible to make simple, safe bank account payments. We are enthusiastic about the future since we have a strong pipeline of biller clients in the US who are interested in using our Pay-by-bank service to digitise their workflows and boost the effectiveness of payments.

According to Mastercard’s EVP of US market development Chiro Aikat, “Today’s digital consumer seeks choice and value in every payment interaction.” Additionally, they want to have greater authority and control over their money, particularly when it comes to regular expenses like monthly payments. This vital requirement is met by our collaboration with J.P. Morgan Payments, which offers billers and merchants a straightforward, smooth, and secure payment experience for their clients.

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