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JPMorgan (JPM) Invests in Real-Time Payments, Unveils Service
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In a bid to remain competitive and manage the surge in the demand for global digital payments amid the pandemic, JPMorgan (JPM - Free Report) has launched a real-time payments option called “request for pay.” The news was first reported by Reuters.
Request for pay will allow corporate clients to send payment requests to JPMorgan’s millions of retail customers, who use its app or website. Per the bank’s global head of real-time payments, Cyrus Bhathawalla, the offering will help in speeding up the payment process. It will reduce costs as well as the time it takes for corporate clients to receive their payments.
Bhathawalla stated, “Our job is to give multiple different payment types so corporates and merchants can provide the right options to their customers.”
The new product, which went live last month, began a pilot phase with a fintech company last week, the name of which has not been revealed yet.
Notably, the biggest U.S. bank (in terms of assets) has made a major investment in real-time payments as it realizes the growing need for the same, especially after the coronavirus outbreak.
Our Take
JPMorgan has been making efforts to expand footprint in new regions by opening branches, which is expected to enhance its market share. The strategy will also help the bank grab cross-selling opportunities by increasing its presence in different sectors.
Notably, as part of its four-year investment plan in China, JPMorgan has decided to get full ownership of all of its mainland China operations by the end of this year. In a step toward this direction, the bank recently received regulatory approval to obtain full ownership of its China securities joint venture (JV). It has already obtained full control of its futures JV in China, J.P.Morgan Futures Co.
Like JPMorgan, firms, including Goldman Sachs (GS - Free Report) , Nomura Holdings, Morgan Stanley (MS - Free Report) and UBS Group (UBS - Free Report) , have also been trying to capitalize on the opportunity that China is providing to foreign firms with the removal of restrictions on ownership.
JPMorgan’s inorganic growth strategy also remains impressive. Its acquisition deals are expected to keep supporting its plan to diversify revenues and expand consumer bank digitally.
So far this year, shares of the company have gained 26.8% compared with 32.9% growth recorded by the industry.
Image: Bigstock
JPMorgan (JPM) Invests in Real-Time Payments, Unveils Service
In a bid to remain competitive and manage the surge in the demand for global digital payments amid the pandemic, JPMorgan (JPM - Free Report) has launched a real-time payments option called “request for pay.” The news was first reported by Reuters.
Request for pay will allow corporate clients to send payment requests to JPMorgan’s millions of retail customers, who use its app or website. Per the bank’s global head of real-time payments, Cyrus Bhathawalla, the offering will help in speeding up the payment process. It will reduce costs as well as the time it takes for corporate clients to receive their payments.
Bhathawalla stated, “Our job is to give multiple different payment types so corporates and merchants can provide the right options to their customers.”
The new product, which went live last month, began a pilot phase with a fintech company last week, the name of which has not been revealed yet.
Notably, the biggest U.S. bank (in terms of assets) has made a major investment in real-time payments as it realizes the growing need for the same, especially after the coronavirus outbreak.
Our Take
JPMorgan has been making efforts to expand footprint in new regions by opening branches, which is expected to enhance its market share. The strategy will also help the bank grab cross-selling opportunities by increasing its presence in different sectors.
Notably, as part of its four-year investment plan in China, JPMorgan has decided to get full ownership of all of its mainland China operations by the end of this year. In a step toward this direction, the bank recently received regulatory approval to obtain full ownership of its China securities joint venture (JV). It has already obtained full control of its futures JV in China, J.P.Morgan Futures Co.
Like JPMorgan, firms, including Goldman Sachs (GS - Free Report) , Nomura Holdings, Morgan Stanley (MS - Free Report) and UBS Group (UBS - Free Report) , have also been trying to capitalize on the opportunity that China is providing to foreign firms with the removal of restrictions on ownership.
JPMorgan’s inorganic growth strategy also remains impressive. Its acquisition deals are expected to keep supporting its plan to diversify revenues and expand consumer bank digitally.
So far this year, shares of the company have gained 26.8% compared with 32.9% growth recorded by the industry.
Image Source: Zacks Investment Research
Currently, JPMorgan carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.