The largest U.S. bank by assets is making a bid to better compete for small businesses, sending a signal to the rest of the industry that there may be an overlooked threat from competitors like Square, the financial services provider owned by Block.
In September, the San Francisco fintech Gusto announced its relationship with JPMorgan Chase & Co., aiming to help the bank build out online payroll capabilities for its business clients. Chase intends to go live with this service as part of its Chase Payment Solutions platform by the end of 2024, according to CNBC.
