US Bank Crafts Real-Time Payment Collaboration With Apex FinTech Solutions

U.S. Bank on Thursday (April 21) launched a real-time payment collaboration with Apex Fintech Solutions that offers greater speed and security to money movement between investors and brokers, according to a joint press release.

Apex subsidiary Apex Clearing Corp. provides clearing and custody services to online brokerages to transform digital wealth management. Brokerages using the Apex platform can offer investors a more streamlined payment solution that enables instant funding of their accounts and instant disbursement from their accounts to their bank accounts.

“U.S. Bank is focused on making the adoption of real-time payments simple and effortless so businesses and consumers can take advantage of the power of instant payments,” said Shailesh Kotwal, vice chair, payment services at U.S. Bank, in the joint press release.

U.S. Bank and Apex have been working together to build a solution that offers frictionless payments for individual investors from their broker dealer’s app or website.

“The need for real-time payments has been steadily growing across multiple industries,” said Bill Capuzzi, CEO at Apex, in the joint press release. “We are committed to driving innovation to stay ahead of consumer demands and are pleased to provide safe, easy, and seamless access to payment solutions.”

U.S. Bank helps businesses send and receive payments instantly 24 hours a day, 365 days a year with The Clearing House’s RTP Network.

Related: US Bank Expands ExtendPay, Its BNPL Card Payments Program

Earlier this month, U.S. Bank announced an expansion of its buy now, pay later (BNPL) offering, ExtendPay, which lets buyers spread the cost of purchases into fixed monthly payments with a monthly fee, but no traditional interest.

Holders of U.S. Bank cards who use the system can keep any rewards they earn for using their cards when using ExtendPay. Buyers have the option of spreading payments over three to 24 months.

The bank is making ExtendPay available to holders of business accounts under the changes. It is also offering ExtendPay to business cardmembers for the first time.