PayPal partners with JPMorgan for instant bank transfer feature

By Olivia Minnock
Payment solution provider PayPal has partnered with American bank JPMorgan Chase to launch an instant transfer option. The new initiative aims to give...

Payment solution provider PayPal has partnered with American bank JPMorgan Chase to launch an instant transfer option.

The new initiative aims to give US customers faster access to their money, in a market where payments and bank transfers are notoriously slow and legacy banking systems still very much in use.

Through PayPal’s service, transfers will be achievable in minutes – however, this will involve a 1& transaction fee, capped at $10. The normal transfer takes one business day to process – this will still be available at no charge.

SEE ALSO:

Reportedly, the instant transfer feature will be made available through JPMorgan Chase’s access to a platform called The Clearing House.

In a blog post on the company website, COO Bill Ready commented: “Getting faster access to money is becoming more and more critical for most people, especially a the global workforce is evolving and an increase in less traditional and more entrepreneurial jobs means people have potentially less stable and more variable incomes.”

He also commented that allowing businesses to get faster access to funds would improve cashflow and allow for investment and workforce expansion.

Share

Featured Articles

Gusto: Rise of Embedded Fintech to Drive Differentiation

We speak to Yi Liu, GM of Embedded Payroll at Gusto, on the rise of embedded fintech partnerships in fintech and the use of data for differentiation

Moody’s: Financial Crime at Shell Companies – The Key Signs

In this deep dive, Moody’s Analytics' Senior Director Ted Datta details how to tell if a shell company is being used for financial crime…

EU Council Adopts Instant Payments Regulation

The Council of the European Union has adopted new regulation that will make instant payments in the euro currency available to all EU and EEA members

Ericsson and HPE Partner to Launch Fintech Cloud Services

Financial Services (FinServ)

Capital One's Takeover of Discover: All you Need to Know

Financial Services (FinServ)

Sustainability LIVE Net Zero: Sustainable Finance Insights

Sustainability