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.
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