Interactive Brokers Group has gone live with J.P. Morgan on Request for Payment, a real-time payment-related messaging service that is provided through The Clearing House RTP network. The new service allows investors to make instant deposits 24/7 to fund brokerage accounts.
Request for Payment is built to be fast and provide transparent and secure method of initiating payment requests. Investors with an alternative to legacy money transfer services can take up to five business days to settle into brokerage accounts.
Steve Sanders, EVP of Marketing and Product Development at Interactive Brokers, said:
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. 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.
Interactive Brokers Group clients can make deposit requests directly from their brokerage accounts through Request for Payment. They can then authorize the payment from their mobile banking app or other bank portal and quickly trade with the funds at Interactive Brokers. The service is initially available to US clients of the global brokerage, however, it is expected to expand to other bank customers over the next few months.
Cyrus Bhathawalla, Global Head of Real Time Payments, J.P. Morgan, added:
Cyrus Bhathawalla Source: LinkedIn
We are excited to bring our market leadership and scale in Real Time Payments to support innovative clients like Interactive Brokers Group as they build new customer experiences. 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.
Experienced writer and journalist, working in the global online trading sector, Steffy is the Editor of LeapRate. She has previous experience as a copywriter and has been with the company since January 2020. Steffy has a British and American Studies degree from St. Kliment Ochridski University in Sofia.