J.P. Morgan has been tapped by FinTech startup Payload to power the latter’s integration-first inbound and outbound payment solution.
J.P Morgan has already supported Payload’s new payment facilitator status, which Payload is using to deliver a unified FinTech platform driven by application programming interface (API), according to a Tuesday (Sept. 13) press release.
Payload’s platform is striving to take on workflows that traditional FinTechs haven’t been able to support, like real estate, insurance and legal payments, per the release. Payload will now offer automated clearing house (ACH), card network, and real-time payments through a unified API platform.
“This new solution, powered by J.P. Morgan, will unlock our ability to deliver disruptive payment capabilities to the real estate industry and other industries that suffer from rigid and manual payment workflows,” said Payload CEO Ryan Rybolt in the release. “Many industries haven’t benefited from the payment digitization era because of numerous constraints that we aim to overcome with our new platform and capabilities. We believe having access to J.P. Morgan’s industry expertise and analytics will help inform our expansion strategy.”
Headquartered in Cincinnati, Ohio, Payload automates the flow of incoming and outgoing payments for several industries using API architecture to integrate into business platforms, streamlining manual payments, according to the release.
The news comes one day after J.P. Morgan announced it would acquire payments startup Renovite to use its technology to underpin the expansion of the bank’s merchant acquiring space worldwide, propel its journey to the cloud in payments and enable faster processing.
Read more: JPMorgan Payments’ Renovite Acquisition Aimed at Boosting Connected Commerce
Once the transaction is closed, Renovite will become part of J.P. Morgan Payments, which incorporates treasury services, trade finance, card and merchant services capabilities.
With Renovite, J.P. Morgan Payments will build its next-generation merchant-acquiring platform while strengthening the bank’s payments modernization strategy.
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