The new initiative aims to give US customers faster access to their money, in a market where payments and bank transfers are notoriously slow and legacy banking systems still very much in use.
Through PayPal’s service, transfers will be achievable in minutes – however, this will involve a transaction fee, capped at USD10. The normal transfer takes one business day to process – this will still be available at no charge.
Reportedly, the instant transfer feature will be made available through JPMorgan Chase’s access to a platform called The Clearing House.
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