Chase Pulling Out of International Commercial Card Biz (April 28, 2015)
JPMorgan Chase will exit the international commercial card issuing business by the end of this year, but it will continue supporting North American card programs and investing in purchasing cards and single-use accounts, such as virtual cards, as well as other products, a spokesperson for J.P. Morgan’s commercial card business tells Paybefore.
The decision comes three years after Chase partnered with corporate T&E expense provider AirPlus International to provide the bank’s corporate clients with a global payments solution for multiple markets in which they operate.
“We are concentrating on areas where we can best meet clients’ needs for a competitive offering and superior client experience,” the spokesperson says. “We are working hard and directly with our clients with global or multicountry programs to ensure a smooth transition for their international card programs to a new solution of their choice.” Joint clients of Chase and AirPlus will remain with the latter company, according to reports.
In early 2014, Chase announced it was seeking to exit the corporate and public prepaid sectors, saying at the time it was exploring a possible sale of those prepaid divisions. The bank said its Liquid consumer prepaid card platform wouldn’t be affected by the decision. A sale has yet to be announced.
In other Chase news, the bank today announced that Chase Commerce Solutions, its global payments processing, acquiring and offers subsidiary, has signed a partnership agreement with cashless payments provider USA Technologies Inc. (USAT). The alliance will target self-service retailers, such as vending machine providers, offering USAT’s cashless payments service combined with Chase Commerce’s payment processing. The self-service retail segment measures an estimated $120 billion in transaction volume annually, according to USAT.
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