J.P. Morgan Joins MACH Alliance, Reinforcing Growth of Composability in Digital Financial Services

J.P. Morgan is one of the most iconic and recognizable brands on the planet. As a leading financial services firm, it has long been at the forefront of fintech innovation, where trust is the foundation of every digital decision.

In terms of its scope and scale, J.P. Morgan is handling an epic number of transactions. In fact, its J.P. Morgan Payments unit processes nearly $10 trillion in payments each day across 160 countries and 120 currencies.

To support this level of traffic at a global scale, the company has been investing in composable technologies and architectures to realize greater speed, flexibility, and other key benefits. Over the last several years, J.P. Morgan’s team has been modernizing its tech stack specifically around MACH principles, so it can future-proof for what’s next.

It would seem that J.P. Morgan’s adoption of MACH is succeeding – so much so that the storied company is throwing its hat in the ring with the MACH Alliance: a not-for-profit industry body dedicated to advocating for open, best-of-breed technology ecosystems. 

Today, the Alliance announced that the J.P. Morgan Payments arm has joined the MACH Alliance as a Supporter member. In this role, it will help elevate thought leadership and educate companies on the role of composable technology in financial services, with the goal of delivering more innovative digital experiences to both clients and end users.

“At J.P. 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 organizations across the commerce technology ecosystem, including partners, clients, and service providers.”

Ushing in a composable era in fintech with MACH

It goes without saying that change is a constant in technology. Banks and financial institutions are under significant pressure to continually adapt to both technological and market disruptions, modernizing their experience to meet the needs of digital-first consumers. 

The numbers reflect organizations' growing anxiety about the pace of innovation and the need to stay ahead. According to the MACH Alliance’s “MACH Global Research 2024” report, three-quarters of global IT decision-makers say that it’s more urgent to innovate in 2024 than in the past five years.

Many enterprises are turning to MACH as a panacea for this pain – and driving more composable solutions to future-proof against change. In fact, 87% of IT leaders in the financial services sector have increased their investment in MACH in the last 12 months, reflecting the scope of growth. 

J.P. Morgan has been at the edge of this transformation in the critical financial services industry, aiming to enhance its commerce capabilities with MACH solutions in online payments, in-store and omnichannel payments, fraud protection services, and more. 

From a mindset perspective, J.P. Morgan’s technological approach also demonstrates a commitment to MACH principles in several key areas. This includes the deployment of API-first connectivity for automated business processes and the build-out of a cloud-native architecture for enhanced security.

The company is also leveraging component-based microservices to speed up its implementation of commerce capabilities while driving a digitally enabled experience to simplify a myriad of back-office functions.

“The movement toward MACH is an exciting transformation,” Walton said. “And 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.

Supporting MACH with thought leadership

The MACH Alliance subsists on its core base of members, which includes 49 independent software vendors, 23 startup ISVs, and 30 systems integrators. These technology suppliers, agencies, and consultants have received exclusive certifications that qualify their MACH affiliation – and validate their readiness as trusted MACH resources for building composable solutions.

Additionally, the Alliance has enlisted a group of Enablers and Supporters to help shepherd the MACH ecosystem with both technology and thought leadership innovation. J.P. Morgan joins PayPal as the second Supporter member in the Alliance.

The Supporter category is intended for organizations from across the broader industry that bring diverse expertise and opinions to the Alliance community. As such, they sit outside the requirements for MACH certification while still embracing and reinforcing its tenets. 

The goal is for Supporters to share unique thought leadership and innovation around composability and actively contribute across MACH Alliance activities, conferences, and the wider member community. 

“One of the more cutting-edge companies in financial services, we are thrilled to have J.P. 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 U.S. 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.” 

Why it matters

J.P. Morgan is a high-profile global brand, bringing unmatched gravitas to the MACH Alliance's ecosystem. As an established leader in a premier industry, the addition of its Payments arm adds further credibility to the MACH movement and reflects a growing trend of U.S.-based interest in composable trends and technologies. 

As Rasmussen noted in previous interviews, the U.S. is a key focus for the MACH Alliance in 2024. According to the organization's 2023 annual report, U.S. adoption was already on an upswing, representing a much larger addressable market for expansion. 

With J.P. Morgan providing thought leadership – and demonstrating its success with adopting MACH in its own practices – the Alliance stands to gain ground with other U.S. prospects and global brands. 

Accelerating to MACH THREE

The MACH Alliance is holding its annual conference, MACH THREE, from June 17-18 in New York City. The event is designed to help companies learn more about the advantages of MACH and composability, with a variety of real-world use cases and applications.

You can still register for this free industry event to hear from peers discussing MACH and composable trends, and learn from leading brands who have future-proofed their digital strategy with MACH. 
 

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