By Elizabeth Dilts Marshall
NEW YORK (Reuters) – JPMorgan has launched a real-time payments option that it hopes to expand its ability to handle growing volumes of digital transactions around the world.
The product allows corporate customers to send payment requests to approximately 57 million of the bank’s retail customers who use its app or website, reducing the cost and time for these companies to get paid, said Cyrus Bhathawalla, global head of on-time payments bank real.
The largest bank in the United States, JPMorgan has invested heavily in the digital sector, a trend driven by social isolation measures.
“Our job is to provide many different payment types so that businesses and merchants can provide their customers with the right options,” said Bhathawalla.
JPMorgan’s service went live in July and began a pilot phase with its first corporate client, a fintech, last week. Executives refused to reveal the company’s name.
Currently, companies may have to wait a week to get paid. A digital payment can happen in less than 30 seconds, he said.
The announcement comes as PIX, an instant payment service that works 24 hours a day, 365 days a year, is rapidly becoming popular in Brazil.
+ Until 2019, there were more people in prisons than on the Brazilian stock exchange
+ Geisy complains about social media censorship: “Instagram is chasing me”
+ Aloe gel in the drink: see the benefits
+ Nicole Bahls had already been warned about her ex-husband’s infidelity
+ Trick to squeeze lemons becomes a craze on social media
+ Chef playmate creates aphrodisiac recipe for Orgasm Day
+ Mercedes-Benz Sprinter wins motorhome version
+ Anorexia, an eating disorder that can lead to death
+ US agency warns: never wash raw chicken meat
+ Yasmin Brunet breaks the silence
+ Shark is captured in MA with the remains of youngsters missing in the stomach