Leading investment banking firm JPMorgan has invested in India’s payment solutions provider In-Solutions Global (ISG) to tap business opportunities in payments offerings across Asia-Pacific (APAC), according to a statement released on Monday. The companies did not share the financial details of the strategic investment.
“In-Solutions Global Ltd (ISG), a leading payment solutions provider headquartered in India, today announced a strategic investment by J.P. Morgan,” In-Solutions Global said in a statement on Monday.
It added that JPMorgan comes on board as the first strategic investor in the company, with a view to unlocking the untapped opportunities in payments offerings across Asia-Pacific (APAC).
Jason Tiede, global head of fintech and partnerships for payments at JPMorgan, said, “At J.P. Morgan, we are committed to delivering best-in-class digital capabilities to our clients across the globe. ISG is a recognised leader and innovator in the payments ecosystem with a track record of partnering and scaling with banks, fintechs and merchants.”
Tiede added that combining the company’s forces through this strategic investment will enable J.P. Morgan to deliver globally consistent and locally relevant payment solutions to our clients as they grow their businesses today and into the future.
Established in 2004, ISG supports over 17 billion transactions for their clients annually via its proprietary GeniusTM Payments-as-a-Service (PaaS) platform, which provides market-leading stack and scalable capabilities that simplify the payment collection process resulting in easy on-boarding and better customer experience.
Through this partnership, J.P. Morgan will continue to accelerate the ability to capture additional payment methods in APAC, a region that accounts for the largest retail e-commerce sales globally.
“As the world’s top merchant acquirer by volume of transactions, the bank recently announced it was expanding its merchant acquiring capabilities in APAC and will be live in seven markets by the end of the year,” according to the statement.
Adelia Castelino, co-founder & managing director of ISG, said, “ISG has been a trusted partner to all leading banks in India for the past two decades and the strategic partnership with J.P. Morgan is a validation of our capabilities and potential to create products for global markets. This partnership is key to our next phase of growth, as we continue to invest in strengthening our products and expand in international markets.”
ISG’s PaaS platform is secure, scalable and easy to integrate, and offers seamless connectivity with various payment methods, on-time settlements and quick reconciliation.
Madhav Kalyan, head of payments for APAC at J.P. Morgan, said, “The APAC payments space continues to evolve rapidly and this investment is testament to our commitment to help our clients digitalise, optimise and simplify their payment operations in one of the fastest growing e-commerce regions in the world.”
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