The new product, called request for pay, lets corporate clients send payment requests to the bank's roughly 57 million retail clients who use its app or website, cutting the cost and time it takes for those companies to get paid.
The service went live in July 2021 and began a pilot phase with its first corporate client, a fintech company, early August. Executives declined to name the company. JPMorgan envisions clients like a gas distributing company using the service to get paid faster for filling up a gas station's supply tanks. Currently, that kind of company may have to wait a week to get paid. A digital payment could happen in less than 30 seconds, bank representatives clarified.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now