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JPMorgan Announces New Real-Time Payments Service – “Request for Pay”

By John F. Heerdink, Jr.

Reportedly, JPMorgan Chase & Co (JPM) has launched a real-time payments option, “Request for Pay” hoping to expand its edge in the financial industry’s battle to handle more of the increasing volumes of global digital payments. The new addition allows corporate clients to send payment requests to the bank’s millions of retail clients who use its website or app, reducing the cost and time it takes for those companies to get paid.

JP Morgan invests heavily in the sector which has risen sharply as more commerce occurs online, especially now during the coronavirus lockdowns. Recently the service went live last month and began a pilot phase with its first corporate client which was a fintech company, however, the executives declined to name the company.

“Our job is to give multiple different payment types so corporates and merchants can provide the right options to their customers,” stated Cyrus Bhathawalla, the bank’s global head of real-time payments.

JPMorgan Chase & Co (JPM) is a global financial service leader in investment banking, financial services for consumers and businesses, financial transaction processing, asset management, and commercial banking. To learn more about JPMorgan Chase & Co. (JPM) and to continue to track its progress please visit the Vista Partners JPMorgan Chase & Co. Coverage Page.

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(Read Original Story: JPMorgan launches new real-time payments service in Reuters)


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