Payments platform Paysafe has named multinational investment bank JP Morgan as its core banking provider, kickstarting a collaboration with the latter’s Payments business segment. 

As core banking partner, JP Morgan aims to provide a ‘robust and scalable payment gateway’ to Paysafe, which offers services and solutions to businesses in a range of industries, including the betting and gaming sector. 

To achieve this objective and support growth and expansion, JP Morgan will provide schemel payment settlements, handle merchant payment flows, foreign exchange and multi-currency settlements, whilst also offering enhanced data insights and analysis.

“We’re delighted to have embarked on our journey with world-class firm JP Morgan,” commented Paulette Rowe, CEO of Integrated and Ecommerce Solutions at Paysafe.

“Appointing a lead core banking provider creates many synergies and efficiencies for the business, and JP Morgan is supporting us with robust and flexible banking infrastructure in order to strengthen our business within our key verticals and territories.”

The partnership marks an expansion of JP Morgan’s business relationship with Paysafe, with the bank having worked with the latter’s Integrated and Ecommerce Solutions division in the past. 

The duo collaborated on the provision of multi-currency settlements and multilingual checkouts as part of payment acceptance and processing services for UK and EU-based merchants.

Veronique Steiner, Head of Fintech & Ecommerce EMEA at JP Morgan Payments added: “We are delighted to have been selected as Paysafe’s banking provider as the company leverages our innovative payments solutions, providing the best payments options for their clients. 

“As the world of payments technology evolves, J.P. Morgan is proud to be continually innovating to meet this change.”

Moving forward, Paysafe has previously underscored an objective to bolster its standing in the igaming space, in particular aiming to become the lead payments solutions provider for land-based and digital customers in the burugenong US betting market. 

The NYSE-listed operator is active in betting and gaming through its Skrill and Neteller e-wallets, which are utilised by a variety of betting firms.

Neteller was notably leveraged by NetEnt in 2016 to become the first operator to offer Bitcoin as a payment method in the UK, whilst Paysafe was recently enlisted by Bally’s Corporation for a multi-state transaction service. 

Commenting on the expansion of Paysafe’s collaboration with JP Morgan, the firm’s Chief Banking Officer, Noah Sharp, said: “Our global relationship with JP Morgan goes from strength to strength as we extend our work together across multiple touch points. 

“The bank has become a key and valued banking provider for us across the areas of payments, lending, capital markets, trade finance and escrow. Following our rich history together, working with an unrivalled globally-integrated payments solution offered by JP Morgan made perfect sense for us.”