JPMorgan Chase to offer online payroll services as it steps up fight with Square, PayPal
Publishing timestamp: 2023-09-15 07:48:00
Summary
JPMorgan Chase plans to offer digital payroll processing for small business customers. They have partnered with fintech player Gusto to provide the underlying technology for this feature. The move is aimed at competing with fintech players like Square and PayPal. JPMorgan has invested heavily in technology in recent years to battle for the loyalty of retail and business customers. The payroll service will go live by the end of 2024 and will offer features such as salary disbursement, tax document generation, and filing to local and national agencies. Gusto, founded in 2011, serves 300,000 small and medium businesses and was last valued at $9.6 billion.
Sentiment: NEUTRAL
Keywords: jpmorgan drn, paypal holdings inc, venture capital, business news, breaking news: markets, block inc, banks, technology, fintech, breakingnewsglobal, breaking news: investing, investment strategy,
Source: https://www.cnbc.com/2023/09/14/jpmorgan-to-offer-online-payroll-services.html