JPMorgan Chase plans to launch Chase Merchant Services, a payments partnership with Visa, this year.
The 10-year partnership will provide a customized processing and end-to-end payments platform, according to an investor presentation the bank posted online today.
"It will enable Chase to build direct relationships with merchants… and to negotiate pricing," Eileen Serra, the CEO of JPMorgan's card services unit, said during a presentation. JPMorgan Chase's top executives are doing a day of presentations to investors at the bank’s New York headquarters today, to review and discuss its strategy for the year ahead.
Under the partnership, "we pay Visa an amount of money and we build our own direct relationship with the merchant,” Gordon Smith, Consumer and Community CEO at JPMorgan Chase, said in the presentation.
The partnership allows Chase to build relationships with merchants for issuing and acquiring, the presentation says. In the long-term, the agreement will allow consumers to receive targeted offers, discounts and new pay-with-points capabilities, the presentation says.