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

    Startups: Fintechs Data Streaming Technology in Banking, corporates Enriched Data vs Faster Payments

    Fighting Fraud in the Era of Faster Payments

    February 13, 2026
    cross-border payments

    Solving for Fraud in Cross-Border Payments Requires Better Counterparty Verification

    February 12, 2026
    agentic commerce

    Demystifying the Agentic Commerce Enigma

    February 11, 2026
    payment gateways

    How Payment Gateways for Businesses Can Help You Offer Your Customers More Options

    February 10, 2026
    Reserve Bank of India (RBI) Extends Mandate for Tokenization to June '22

    Late Payments? Governments Are Taking Action

    February 9, 2026
    ai phishing

    The Fraud Epidemic Is Testing the Limits of Cybersecurity

    February 6, 2026
    stablecoins b2b payments

    Stablecoins and the Future of B2B Payments: Faster, Cheaper, Better

    February 5, 2026
    Payment Facilitator

    The Payment Facilitator Model as a Growth Strategy for ISVs

    February 4, 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

    ©2024 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