Interactive Brokers Group partnered with JPMorgan for The Clearing House RTP network’s Request for Payment real-time messaging service, according to a press release on Wednesday (Oct. 20).
Request for Payment is a systemic ACH Network messaging platform that companies can use for distributing digital bills to clients. It also gives investors the option of making instant deposits whenever they want in order to fund brokerage accounts. Interactive Brokers is the first U.S. brokerage offering the service to select clients.
“Interactive Brokers has its roots in technological innovation, and Request for Payment is yet another example of how we offer clients advanced technology solutions to make it simple to fund and manage accounts,” said Steve Sanders, EVP of marketing and product development at Interactive Brokers.
“Both new retail investors and our active trader client base will certainly benefit from the flexibility to fund their brokerage accounts in real-time to trade the wide range of global and low-cost products available on the Interactive Brokers platform,” Sanders added.
See also: JPMorgan Piloting Real-Time Payment Service
With Request for Payment, customers can authorize deposits from their brokerage accounts and direct their mobile banking app to authorize the payment, and then begin trading with the monies at Interactive Brokers. The service is only available to U.S. customers of Interactive Brokers that already have Chase accounts, but will soon roll out to other bank clients.
Cyrus Bhathawalla, global head of real-time payments at J.P. Morgan, said its market leadership in real-time payments complement Interactive Brokers as it moves to develop “new customer experiences.”
Read more: JPMC’s RfP Pilot Sets Stage For Faster Payments
“Being able to trade instantly by funding a brokerage account after receiving a Request for Payment is just one of the many ways we hope to see clients using our faster payment solutions,” Bhathawalla added.
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