Reported by: banking|Updated: October 18, 2017
JPMorgan Chase has acquired WePay, a Silicon Valley firm that offers payments-as-a-service APIs. The acquisition is expected to give the US bank an ability to offer its customers access to a simple platform for embedding payment acceptance into their digital experiences. An official of the bank said with WePay, the bank is taking the work out of payments for both its business clients and the software providers who serve them. Businesses can accept payments instantly, get paid faster, and never lose a sale and the bank will give ISVs a payment facilitator-like experience without the overhead or increased fraud risk, he added. After the acquisition, WePay and its employees will operate as Chase’s payments innovation incubator in Silicon Valley.