Mercado Libre, the leading ecommerce platform in Latin America, has selected J.P. Morgan Payments and its Embedded Payments solution to support its Global Selling program, which lets U.S. businesses sell across Argentina, Brazil, Mexico, Chile, Colombia, and Uruguay. In an initial pilot, Mercado Libre onboarded U.S. sellers to J.P. Morgan Payments deposit services using embedded KYC and KYB capabilities, and it is using bulk cross-border ACH payout infrastructure to move marketplace funds from Latin America to U.S. sellers. The main objective is to simplify cross-border payment management and speed seller onboarding, so sellers can open an account and receive and manage sales proceeds without leaving the marketplace as the ecommerce program scales. Key players include Mercado Libre financial planning and treasury senior vice president Gregorio Bekes, who said the collaboration helps streamline payment operations, and Ryan Schmiedl, global head of embedded finance and solutions at J.P. Morgan Payments.
J.P. Morgan Payments Powers Mercado Libre’s Global Selling Expansion