JPMorgan launches new real-time payments service

Wednesday 11 August 2021 14:25 CET | News

US-based banking conglomerate JPMorgan Chase has launched a new real-time payments option.

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.

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Keywords: JP Morgan, product launch, instant payments, instant settlement, real-time payments
Categories: Payments & Commerce
Countries: United States
This article is part of category

Payments & Commerce