PaymentsJournal
No Result
View All Result
SIGN UP
  • Commercial
  • Credit
  • Debit
  • Digital Assets & Crypto
  • Digital Banking
  • Emerging Payments
  • Fraud & Security
  • Merchant
  • Prepaid
PaymentsJournal
  • Commercial
  • Credit
  • Debit
  • Digital Assets & Crypto
  • Digital Banking
  • Emerging Payments
  • Fraud & Security
  • Merchant
  • Prepaid
No Result
View All Result
PaymentsJournal
No Result
View All Result

Chase Bank Launches Request-for-Pay for B2B Payments

By Sarah Grotta
August 23, 2021
in Analysts Coverage, B2B, Commercial Payments
0
0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn
B2B Payments

Request for pay (RfP) is getting more attention as real time payments evolve.  In May, 23 banks plus some key processors announced their intention to implement RfP through The Clearing House. This signal of support was needed to let potential users know that an audience for RfP for use cases like consumer bill pay or invoiced payments was on the horizon.  In another sign that momentum around RfP is growing, Chase Bank publicized that they are launching a B2B payment option using RfP:

The new Chase product enables immediate wholesale payments between companies, or certain consumer-to-business transactions, such as someone buying a car. The bank is piloting the product through an undisclosed fintech partner.

In the auto industry, consumers who don’t take out a loan must pay with cash, a cashier’s check or wire transfer. Chase wants to replace this with a real-time digital payment. Real-time payments in a car dealership can also speed up other processes, such as setting up the vehicle’s registration.

There are many inconveniences today because a wire transfer doesn’t run 24/7,” said Cyrus Bhathawalla, managing director and global head of real-time payments at JPMorgan Chase.

He added that Request for Pay will also provide better transparency about the resolution of business-to-business transactions.

“A corporate would like to know if and when you paid and be told in real time to ship a product or provide a service,” he said. “That’s not present in all payment types.”

But Chase, a founding member of clearXchange, which became the Zelle network, may only be one of the first to apply the model of real-time P2P transactions to commercial payments. Other banks may follow the same pattern.

Initially, Chase will link its RFP product to The Clearing House’s Real-Time Payments network, which also helps power Zelle. That network has more than 150 participants, a $400 average transaction and 60% coverage for demand deposit accounts.

Overview by Sarah Grotta, Director, Debit and Alternative Products Advisory Service at Mercator Advisory Group

0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn
Tags: B2BChaseReal Time PaymentsRequest for Payment

    Get the Latest News and Insights Delivered Daily

    Subscribe to the PaymentsJournal Newsletter for exclusive insight and data from Javelin Strategy & Research analysts and industry professionals.

    Must Reads

    retirement investing

    Young Customers May Not Prioritize Retirement Investing, But Banks Should

    March 6, 2026
    payment fraud

    From Reaction to Prevention: Rethinking Payment Fraud

    March 5, 2026
    first-party-fraud

    Returns, Disputes, and the Rise of First-Party Fraud

    March 4, 2026
    commercial payments

    From Theory to Application: The Impending Transformation of Commercial Payments

    March 3, 2026
    Payments Modernization, ACH payments

    ACH and the Path Toward Future-Ready Payments

    March 2, 2026
    millennial gen z business owner

    Gen Z and Millennials Are Business Owners: Are Banks Ready?

    February 27, 2026
    google blockchain

    Why Banks Should Follow Fintechs’ Lead on Developer Portals

    February 26, 2026
    credit unions

    Not Just Another Bank: How Credit Unions Can Reach Younger Members

    February 25, 2026

    Linkedin-in X-twitter
    • Commercial
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Digital Banking
    • Commercial
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Digital Banking
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    • About Us
    • Advertise With Us
    • Sign Up for Our Newsletter
    • About Us
    • Advertise With Us
    • Sign Up for Our Newsletter

    ©2026 PaymentsJournal.com |  Terms of Use | Privacy Policy

    • Commercial Payments
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    No Result
    View All Result