PaymentsJournal
SUBSCRIBE
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • News
  • Resources
No Result
View All Result
PaymentsJournal
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • News
  • Resources
No Result
View All Result
PaymentsJournal
No Result
View All Result

Chase Launches a Request for Pay Service. Will Others Soon Follow?

Sarah Grotta by Sarah Grotta
August 11, 2021
in Analysts Coverage, Credit, Debit, Real Time Payments
0
Chase Launches a Request for Pay Service. Will Others Soon Follow?

Chase Launches a Request for Pay Service. Will Others Soon Follow?

0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

JP Morgan Chase announced today that they are launching a request-for-pay (RfP) solution with real-time payments. This solution allows a recipient to send a message to a payer and request payment for an invoice or other obligation. The payer can respond and upon that response, authorize funds to be transferred immediately. 

The consumer bill pay market is where many in the industry suspect RfP will take off, but the product Chase is rolling out is focused on the corporate market. Likely because corporates will pay for these transactions where fees are limited in consumer use cases.  Here’s an excerpt from the bank’s announcement:  

Global payments giant JPMorgan Chase & Co has launched a real-time payments option that it hopes will increase its edge in the financial industry’s battle to handle more of the surging volumes of global digital payments.

“Our job is to give multiple different payment types so corporates and merchants can provide the right options to their customers,” Bhathawalla said.

The service went live last month and began a pilot phase with its first corporate client, a fintech company, last week. Executives declined to name the company.

JPMorgan envisions clients like a gas distributing company using the service to get paid faster for filling up a gas station’s supply tanks, Bhathawalla said.

Currently, that kind of company may have to wait a week to get paid. A digital payment could happen in less than 30 seconds, he said.

One of the first banks to participate in The Clearing House real-time payments network in 2017, JPMorgan processes about 12 million transactions a month. The business is part of the wholesale payments division, which contributes roughly 10% of JPMorgan’s revenue.

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

Tags: ChaseDebitJPMorgan ChaseReal Time PaymentsRequest-to-PayRfP
0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

    Analyst Coverage, Payments Data, and News Delivered Daily

    Sign up for the PaymentsJournal Newsletter to get exclusive insight and data from Mercator Advisory Group analysts and industry professionals.

    Must Reads

    digital payments

    Navigating the Future: Top Digital Payment Trends to Watch

    March 31, 2023
    scams

    As Scams Become Omnipresent, New Tools Can Help FIs Fight Back

    March 30, 2023
    item clearing

    As Check Volumes Decrease, Financial Institutions Need to Consider Alternative Clearing Options

    March 29, 2023
    payments friction

    Too Much Payments Friction Can Lead to Customer Chafing

    March 28, 2023
    online fraud

    Understanding the Cost of Online Fraud and How to Prevent It

    March 27, 2023
    live shopping, ebay

    Q&A: eBay Exec on Live Shopping and the Future of Payments

    March 24, 2023
    AI and Biometrics in Regulatory Compliance in Finance

    The Importance of AI and Biometrics in Regulatory Compliance in Finance

    March 23, 2023
    Everyone Benefits from the Real-Time Payment Networks  

    Everyone Benefits from the Real-Time Payment Networks  

    March 22, 2023

    Linkedin-in Twitter

    Advertise With Us | About Us | Terms of Use | Privacy Policy | Subscribe
    ©2023 PaymentsJournal.com

    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Videos
    Menu
    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Videos
    • Industry Opinions
    • Recent News
    • Resources
    Menu
    • Industry Opinions
    • Recent News
    • Resources
    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Industry Opinions
    • Faster Payments
    • News
    • Jobs
    • Events
    No Result
    View All Result