JPMorgan Chase has launched a product that lets its corporate clients send payment requests to its millions of retail customers through the bank's app and website.
The service, called 'request for pay', went live last month and in recent days began a pilot with an unnamed fintech company, according to Reuters.
The offering is part of a major investment in real-time payments by JPMorgan Chase. On its website, the bank touts the benefits of 'RTP' in simplifying the the payments process from transaction initiation through to reconciliation.
RTP, says JPMorgan, "combines immediate funds availability, settlement finality, instant confirmation, and integrated information flows—all in a payment made in seconds. Bringing together speed, data, and communication solves for longstanding challenges."