J.P. Morgan is joining French payments network Cartes Bancaires, Mike Lozanoff, managing director and global head of merchant services at J.P. Morgan, tells Bank Automation News on this episode of “The Buzz” podcast.
The bank is tapping cloud-based Renovite to build the connection to the network, Lozanoff says. The bank acquired Renovite in 2022 and is using the cloud-based solution and its team to build the tech, he says.
“We’ll be the first American bank actually part of the French banking system, where we’ll be registered and able to offer that card type directly in France,” he says.
Cartes Bancaires is “favorable to merchants” as a network as the cost of payment is low, Lozanoff says. The bank plans to have the card offering available by 2025.
Listen as Lozanoff discusses updates to JPM’s merchant acquiring business, including international efforts, e-commerce innovation and in-store offerings.