Payments behemoth Mastercard has joined forces with JPMorgan Chase to provide customers with a pay-by-bank option. 

Pay-by-bank can be used by billers for recurring payments like rent, utilities, health care and tuition, among others, according to an Oct. 20 Mastercard release.

The capability taps into Mastercard’s open banking technology to allow consumers and businesses to safely share their data to easily access a variety of financial services, a Mastercard spokesperson told Bank Automation News. 

Telecom service provider Verizon will be the first to use this payment channel for its customers, according to the release, and Mastercard expects more billers to join the payment channel in the coming months.  

The card giant is not the only FI getting into pay-by-bank; Bank of America is also exploring expanding its pay-by-bank offering in the United States, although it is already available in the United Kingdom.  

JPMorgan Payments selects Trulioo for identity verification 

JPMorgan Payments has selected identify verification platform Trulioo to help crack down on fraud and other financial crimes. 

Vancouver, Canada-based Trulioo will provide JPMorgan with its Person Match and Identity Document Verification solutions to verify a person’s identity and provide business verification, according to a recent JPMorgan release. 

“We chose the platform because of its breadth of personally identifiable data sources, impressive match rates and global footprint,” Ryan Schmiedl, managing director and global head of payments trust and safety at JPMorgan, said in the release. “Trulioo has the trusted authentication and verification experience we want to offer clients and additional layers of protection from fraud during the onboarding experience and beyond.” 

Trulioo uses data points from 190 countries, including personally identifiable information, government documents, biometrics and business names in order to verify users for its bank customers, Trulioo Chief Product Officer Michael Ramsbacker told BAN.  

Machine learning is utilized by the identity verification company’s platform for document auto-capture and AI-driven face detection. 

Trulioo raised $394 million in series D round in June 2021 for a $1.75 billion valuation. AmEx Ventures, Citi Ventures and Blumberg Capital participated in the funding round.  

Mastercard joins forces with Remitly  

Mastercard selected the cross-border payments company Remitly to provide customers with more options to make remittance payments.  

Mastercard Send enables U.S.-based Remitly customers to fund transactions via their debit card. Remitly has also integrated Mastercard Cross-Border Services to offer customers more choices in how recipients can access their funds through a variety of disbursement options within Mastercard’s global network, such as bank accounts, cash pick-up locations, and mobile wallets, an Oct. 19 Mastercard release stated. 

Last October, Remitly teamed with Visa to provide real-time payment options for Canadian customers to send payments to 100 countries using Visa Direct. 

Envestnet teams with 4 fintechs  

Wealthtech giant Envestnet is teaming up with four fintechs:  

• IT service provider Tata Consultancy Services;  
• digital financial wellness company BrightUp;  
• fintech as a service platform VoPay; and  
• privacy-compliant identity network Deduce.  

Envestnet Data & Analytics will provide secure account linking, open banking and multichannel payment rails to provide more financial wealth management tools to customers, according to an Oct. 24 Envestnet release. The wealthtech company will also provide the fintechs with financial datasets to help them provide better financial advice to their customers. 

“Data has the power to harmonize and connect all parts of a person’s financial life so that their daily monetary decisions support their long-term goals,” Farouk Ferchichi, group president at Envestnet Data & Analytics, said in the release. 

Visit Bank Automation News’ Transactions Database, which lists the technology selected or acquired by companies in the financial services industry, with a specific focus on technology that enhances automation.