J P Morgan Announce
“Can JPMorgan convert its balance sheet, merchant network, and regulatory scale into a dominant embedded financial infrastructure layer — powering payments, lending, payroll, FX, and open banking for third-party platforms globally?”
JPMorgan Chase is the largest US bank by assets and has been systematically building out a payments-as-infrastructure business (J.P. Morgan Payments) processing ~$12 trillion per day. The firm has pivoted from a purely bank-centric model to offering embedded finance capabilities — payroll, BNPL, BaaS, open banking APIs, FX, virtual cards — to third-party platforms (Walmart marketplace sellers, Aspire, Nium, Paysafe). The 2021 Chase UK launch and 2026 Chase Protect insurance product mark a push into direct digital consumer banking internationally, while the tokenized MMF launch signals a strategic move into blockchain-native liquidity products.