In an announcement, the bank said the launch of SEPA Instant in Europe rounds out its real-time payment capabilities in USD, GBP, and EUR, something the bank said none of its rivals currently offer. “Adding SEPA Instant is another step towards offering real-time payments around the globe,” said Sungmahn Seo, managing director and head of EMEA payments & FX for J.P. Morgan Treasury Services, in the announcement. “SEPA Instant will allow our clients the ability to make/receive a payment within seconds, for credit transfers in EUR up to 15,000, with 24/7 availability and a Pan-European reach. Furthermore, we offer a single global API for our clients to connect with us for multiple real-time payment systems.”
According to JPMorgan, clients who use its SEPA Instant and other real-time payment schemes benefit from immediate payment finality, the ability to address immediate business needs, easier reconciliation, better financial control and budgeting, improved liquidity management and an enhanced customer experience. “Since we launched real-time payments in the U.S. about a year ago, we are approaching one million transactions per month,” stated Art Brieske, managing director and head of faster payments for J.P. Morgan Treasury Services, in the same announcement. “As we create new opportunities and efficiencies for our clients via SEPA Instant and other real-time payment schemes, we expect the take-up for real-time payments will grow exponentially.”
Launching the SEPA Instant in Europe isn’t the only way JPMorgan is bringing faster payments to its clients. In February it announced the rollout of a digital token dubbed JPM Coin. The cryptocurrency is designed to enable the instant transfer of payments between institutional accounts. The JPM Coin launch follows the bank’s release of Quorum — a blockchain platform designed to allow institutions to keep track of financial data.