JPMorgan Chase is integrating digital receipts technology from Sensibill to provide customers a more granular look at their spending.  

“The solution provides for personalized banking with data that [customers] ordinarily wouldn’t have access to,” said Corey Gross, CEO and co-founder of Sensibill. “We help customers see at a high level not just where they are spending, but what they are spending it on.” 

As consumers flock to retail giants like Amazon and Walmart, ordinary bank statements alone don’t help consumers fully understand their spending habits. According to Gross, showing customers how they spend their money with retailers will help Chase give more personalized insights to its customers. 

Toronto-based Sensibill white-labels its receipt technology to banks and credit unions. In addition to capturing receipt data from cards, consumers can take pictures of receipts when they use cash. The technology integrates directly into banks’ apps, so consumers don’t have to download anything extra. Sensibill also tracks spending for small business owners to help with tax deductions.  

Gross said that while the ability to accurately track spending has become even more important during the COVID-19 economic crisis, the partnership with Chase was in the works before the pandemic started. He added that Sensibill is working to become more predictive, for example suggesting shopping lists for consumers based on past purchases. The technology could even suggest where to find certain items if one store is closed or has run out of something. 

The 7-year-old company has raised around $40 million in total, according to Gross, and works with about 100 financial institutions, including NatWest, Metro Bank and Alterna Savings, in addition to Chase. 

JPMorgan Chase, based in New York City, has $3.1 trillion in assets. According to a statement, the bank’s 38 million active users of its mobile app will have access to Sensibill’s technology.  

See also: Inside JPMorgan’s corporate payments and open banking strategy

Digital receipts technology is catching on with other big-name firms as well. Earlier this year, Barclays bought a minority stake in the digital receipt company Flux. The startup graduated from the bank’s accelerator in 2017, and ran a pilot on Barclays’ Launchpad app.  

“We believe that Flux is the next biggest innovation for retail payments since contactless,” Flux co-founder and CEO Matty Cusden-Ross said previously. “Nobody wants to keep track of hundreds of bits of paper in the 21st century. We are determined to digitize the world’s receipts by linking to how customers pay anyway, so we don’t change behavior at checkout.”