JPMorgan Chase & Co (JPM.N) said it had entered into a partnership with AirPlus International, a business travel manager owned by Deutsche Lufthansa AG (LHAG.DE), to offer expense tracking systems and commercial credit cards to multinational corporations.
The deal will provide the New York-based bank with access to AirPlus' European travel payment systems and will give AirPlus entry to JPMorgan's North American corporate customers, executives from the companies said.
The pact, announced on Thursday, includes commitments by both companies to invest in connecting their systems to make joint product offerings.
"We have signed a long-term partnership, so this is not just a dating exercise," Andrew Pilkington, president of JPMorgan's global commercial card business, said in an interview. He declined to disclose terms.
JPMorgan is second only to American Express Co. (AXP.N) in spending on credit cards from U.S. issuers, according to the Nilson Report, which publishes data and news on card payments. The bank's strategy is to increase card revenue by catering to businesses and more creditworthy individuals who will spend money and generate transaction fees.
(Reporting by David Henry in New York; Editing by Lisa Von Ahn)