JPMorgan Chase & Co. (NYSE:JPM) is planning to purchase WePay for an undisclosed sum.

An announcement about the acquisition says that JPMorgan will use WePay to reduce payment friction for both software providers and merchants. It says that the startup’s API allows for simple integration into software and makes it easier for merchants to get paid.

JPMorgan notes that software-enabled payments are currently growing at four times the industry average. However, it points out that some merchants and software developers are still having trouble integrating the technology. It hopes that acquiring WePay will allow it to help them overcome these issues.

“Being part of the Chase family – with its global capabilities, brand and scale – will help us better support our growing list of platform partners and the businesses they serve,” Bill Clerico, founder and CEO of WePay, said in a statement. “We’re excited to marry the distribution of one of the world’s largest and most respected financial institutions with the best technology and talent in Silicon Valley.”

Despite JPMorgan Chase not providing financial details on its acquisition of WePay, there are estimates for how much the deal cost the company. The Wall Street Journal claims that the price was over $220 million.

JPMorgan notes that it still needs to complete customary closing conditions before it can complete its acquisition of WePay. The financial services company didn’t say when its expects the deal to close.

JPM stock was up slightly as of Wednesday afternoon and is up 13% year-to-date.

As of this writing, William White did not hold a position in any of the aforementioned securities.