The news: JPMorgan launched request for pay, a service that lets corporate clients avoid card network payment processing and other third-party services by sending payment requests directly to the roughly 57 million retail customers who use the bank’s app or website, per Reuters. Why it’s worth watching: Demand for faster payments became more pronounced during the pandemic—businesses and consumers needed to access their funds faster, and paper checks, cash, and other traditional payments weren’t cutting it. That put a greater emphasis on faster payments and real-time payment (RTP) systems, leading to innovations that improved the end-to-end transaction process: In March 2021, Automated Clearing House (ACH) expanded same-day settlement so financial…
-
-
JPMorgan Explores Business Opportunities in Real-Time Payments
JPMorgan’s new request for pay service lets corporate clients send payment requests directly to the bank’s retail customers. JPMorgan launched request for pay, a service that lets corporate clients avoid card network payment processing and other third-party services by sending payment requests directly to the roughly 57 million retail customers who use the bank’s app or website, per Reuters. B2B payment transaction value will reach $27.54 this year. Insider Intelligence Why it’s worth watching: Demand for faster payments became more pronounced during the pandemic—businesses and consumers needed to access their funds faster, and paper checks, cash, and other traditional payments weren’t cutting it. That put a greater emphasis on faster payments…
