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

By Sarah Grotta
August 11, 2021
in Analysts Coverage, Commercial Payments, Credit, Debit, Real Time Payments
0
0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn
Chase Launches a Request for Pay Service. Will Others Soon Follow?

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

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

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

    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

    push notification bank

    From Bland to Beneficial: Using Push Notifications to Reach Business Customers

    May 16, 2025
    recurring payments, PCI Compliance for small business, Fintech for Underserved Small Businesses

    Tariffs May Create an Opportunity in Small-Business Cards

    May 15, 2025
    Using the Card “Beyond” Payments to find the Holy Grail

    Using the Card “Beyond” Payments to find the Holy Grail

    May 14, 2025
    Payments Modernization

    Playing Offense and Defense: Why Now Is the Time for Payments Modernization

    May 13, 2025
    Authorization Rates

    Boosting Revenue for Merchants by Optimizing Authorization Rates

    May 12, 2025
    Why Payment Orchestration is the key to international merchant growth

    Ensuring Payment Decisions Pay for Themselves

    May 9, 2025
    cross-border

    As Businesses Reevaluate Cross-Border Relationships, Financial Institutions Can Help

    May 8, 2025
    Nacha WEB Debit Account Validation Rule Verification Solution, Quovo ACH Payment

    The Brave New Future of the Disappearing Account

    May 7, 2025

    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