JP Morgan is to join MACH Alliance, the not-for-profit industry body dedicated to advocating for open, best-of-breed technology ecosystems. Specifically, JP Morgan Payments will help to raise thought leadership and educate companies on the role of composable technology in financial services. The aim is to deliver more innovative digital experiences to both their clients and end users.

According to MACH Alliance’s “MACH Global Research 2024” report, three quarters of global IT decision makers feel it is more urgent to innovate in 2024 than in the past five years. The report noted that 87% of IT leaders in the financial services sector have increased their investment in MACH in the last 12 months.

JP Morgan modernises its tech stack around MACH principles

JP Morgan Payments arm processes nearly $10trn in payments daily across 160 countries and 120 currencies.

According to the alliance, JP Morgan’s technological approach demonstrates a commitment to MACH principles by:

  • Deploying API-first connectivity for automated business processes;
  • Building a cloud-native architecture for more security;
  • Leveraging component-based microservices to speed up implementation of commerce capabilities, and
  • Driving a digitally enabled experience to simplify back-office functions.

“One of the more cutting-edge companies in financial services, we are thrilled to have JP Morgan join the MACH Alliance to share its knowledge and advocate for more modern digital experiences,” said Casper Rasmussen, president of the MACH Alliance and group SVP of technology at Valtech.

“The rate of adoption of MACH in the US and globally is rising. The firm is well positioned to support customers that adopt composability, such as retailers that need reliable commerce and payment tools.”

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“At JP Morgan Payments, we continue to deliver new solutions and enhance our capabilities as we build a modern payments business globally,” said Kate Walton, chief commercial officer, merchant payments at J.P. Morgan Payments.

“We have a rich network of relationships with organisations across the commerce technology ecosystem. This includes partners, clients, and service providers. The movement toward MACH is an exciting transformation. We look forward to helping our clients accelerate innovation to better deliver more seamless and secure experiences for their end customers in a rapidly evolving landscape.