J.P. Morgan Delivers Faster Payments to PayPal

Mar 12, 2019

J.P. Morgan Delivers

Faster Payments

to PayPal

March 12, 2019

J.P. Morgan is delivering Real-Time Payments (RTP) on a large scale in the marketplace. In 2017, J.P. Morgan was one of the early adopter banks to go live with Real-Time Payments in the U.S. on The Clearing House’s RTP® network. Last year, the team refined the offering through client pilots, to design curated solutions.

PayPal recently went live with J.P. Morgan’s RTP offering, enabling their users to have immediate access to their money. After initiating a transfer on the RTP network from a PayPal account to their account (s) with a U.S. bank that is a part of the RTP network, a PayPal user will be able to access their funds within seconds. Previously, a PayPal user in the U.S. needed to wait one day, or sometimes up to a few days (i.e., holidays and weekends), to transfer their funds from their balance with PayPal into an eligible bank account. PayPal already enables their customers in the U.S. to instantly transfer funds from their PayPal balance to their eligible debit cards and facilitates an instant transfer to bank service in the U.K. With Real-Time Payments, processing is instantaneous and enables immediate availability of those funds any day of the week – it’s a true 24x7 offering.

“PayPal recognized J.P. Morgan’s early investment in Real-Time Payments and through conversations, saw the advanced stage we were at and our vision for the future,” says Roberta Burke, J.P. Morgan Treasury Services Corporate Sales for TMT, West Coast.

In April 2019, J.P. Morgan is expected to be the only bank in the world with RTP capabilities in three major currencies and markets: USD, GBP and EUR. “Our market-leading position in this space helped to secure our offering with PayPal for U.S. Real-Time Payments expanding upon our existing relationship,” says Burke.

In the past few months, processing volume has soared and isn’t slowing down. “In the fourth quarter of 2018, we were processing six Real-Time Payments per day,” says Art Brieske, head of Faster Payments for J.P. Morgan Treasury Services. “Today, we are processing over 2,000 payments per day; in April, we’ll reach 30,000 per day and by the end of the first half of 2019, it will be more than one million per month.” PayPal will contribute to this growth.

To hear more about how PayPal users are benefiting from Real-Time Payments visit PayPal’s blog.

Advancing Real-Time Payments

Since we launched Real-Time Payments, business-to-business vendor payments have emerged as a popular potential use case. Corporate clients can use ERP and treasury management systems (TMS), to make payments.

As a leader in the industry, J.P. Morgan is collaborating with various businesses and our clients to drive the industry towards real-time.

Key Facts about J.P. Morgan Real-Time payments:

24/7

The market is moving towards real-time with the need for a 24x7 available experience. We invested early in RTP with a new core payments platform and are driving the payments industry towards real-time.

Market Leadership

We are leading the market in terms of volume growth and client adoption. In about one year, we went from launching RTP to rapidly approaching 1 million transactions a month.

Worldwide Real-Time Capabilities

As of April 2019, we are expected to be the only bank in the world with all three (USD/GBP/EUR) Real-Time Payment capabilities.

 

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