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August 12, 2021

JPMorgan pilots new real-time payments offering

JPMorgan Chase has launched the pilot of a real-time payments service, dubbed request for pay, with an undisclosed fintech firm.

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  • ESG
  • E-commerce
  • Mobile payments
  • Alternative payment rails (Real-Time Payments, Blockchain, BNPL)
  • Fraud & Cybersecurity
  • Regulations
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The new proposition enables corporate clients to send payment requests to the bank’s retail users of its app or website, JPMorgan global head of real-time payments Cyrus Bhathawalla told Reuters.

This is said to reduce the cost and time taken for those companies to get paid.

The bank sees the offer useful for clients such as a gas distributing company, enabling faster payments for them when filling up a gas station’s supply tanks.

This could reduce payment time to less than 30 seconds. At present, such companies have to wait a week for payments.

Through the move, JPMorgan looks to capitalise on the rising adoption of digital channels by people amid the pandemic.

Bhathawalla was quoted as saying by the news agency: “Our job is to give multiple different payment types so corporates and merchants can provide the right options to their customers.”

JP Morgan has been recently looking to ramp up its payments solutions.

In April this year, the bank revealed that it is utilising blockchain technology to improve its funds transfers solutions for banking institutions globally.

According to JPMorgan, the new ‘Confirm’ solution will cut down the number of rejected or returned transactions caused by mismatched payment details, reducing costs for the sending as well as receiving banks.

This March, the bank participated in the fundraising of UK-based payments infrastructure provider PPRO.

Meanwhile, another US banking group Citi launched a new global Real-Time Liquidity Sharing solution to help clients improve liquidity and working capital management.

Part of Citi’s Liquidity Optimisation product suite, the new platform launched in Australia, China, Hong Kong, New Zealand, Singapore and Taiwan.

Free Report
img

Prepare for changes in the Payments market

 The Payments market has seen drastic changes in the past few years, with this only expected to continue. What does your company need to do to prepare for what’s to come? GlobalData’s Payment Trends for 2022 report explores the key trends in technology, consumer habits, and regulations shaping the market. We also identify the leading companies in this changing market, giving you a competitive market outlook. This report covers the impact of:
  • ESG
  • E-commerce
  • Mobile payments
  • Alternative payment rails (Real-Time Payments, Blockchain, BNPL)
  • Fraud & Cybersecurity
  • Regulations
Download the report now to learn essential strategies to maximize your growth in the face of rapid change.
by GlobalData
Enter your details here to receive your free Report.

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