Interactive Brokers and JPMorgan team up
Interactive Brokers Group has partnered with JPMorgan for The Clearing House RTP network’s real-time payment request messaging service, according to a press release on Wednesday (October 20).
Request for Payment is an ACH Network systemic messaging platform that businesses can use to distribute digital invoices to customers. It also gives investors the ability to make instant deposits whenever they want to fund brokerage accounts. Interactive Brokers is the first US brokerage to offer the service to select clients.
“Interactive Brokers has its roots in technology innovation, and Request for Payment is another example of how we provide our clients with advanced technology solutions to simplify funding and account management,” said Steve Sanders, vice -Executive President of Marketing and Product Development at Interactive Brokers. .
“New retail investors and our active trader clientele will certainly benefit from the flexibility of funding their brokerage accounts in real time to trade the wide range of low-cost, global products available on the Interactive Brokers platform,” Sanders added. .
See also: JPMorgan pilots real-time payment service
With Request for Payment, clients can authorize deposits from their brokerage accounts and direct their mobile banking app to authorize payment, then begin trading with the funds at Interactive Brokers. The service is only available to US Interactive Brokers customers who already have Chase accounts, but will soon be extended to other banking customers.
Cyrus Bhathawalla, global head of real-time payments at JP Morgan, said its leadership in the real-time payments market complements Interactive Brokers in its drive to develop “new customer experiences”.
Read more: JPMC’s RfP Pilot Sets the Stage for Faster Payments
“Being able to trade instantly by funding a brokerage account after receiving a payment request is just one of the many ways we hope to see customers using our faster payment solutions,” added Bhathawalla.