Chase Bank launches RfP B2B payments solution

Tuesday 24 August 2021 14:05 CET | News

US-based Chase Bank has announced that they are launching a B2B payment option using Request-for-Pay (RfP).

The new Chase product offers immediate wholesale payments between companies, or certain consumer-to-business transactions, such as someone buying a car. The bank is piloting the product through an undisclosed fintech partner.

In the auto industry, consumers who don’t take out a loan must pay with cash, a cashier’s check or wire transfer. Chase wants to replace this with a real-time digital payment. Real-time payments in a car dealership can also speed up other processes, such as setting up the vehicle’s registration.

Initially, Chase will link its RFP product to The Clearing House’s Real-Time Payments network, which also helps power Zelle. That network has 150+ participants, a USD 400 average transaction and 60% coverage for demand deposit accounts.

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Keywords: Request to Pay, product launch, B2B payments, real-time payments
Categories: Payments & Commerce
Countries: United States
This article is part of category

Payments & Commerce