Benzinga | Oct 20, 2021 10:01AM EDT

Interactive Brokers Reports Went Live With JP Morgan On Request For Payment

Interactive Brokers Group (NASDAQ:IBKR), a global brokerage firm, today announced it went live with J.P. Morgan (NYSE:JPM) on Request for Payment, a real-time payment-related messaging service that is provided through The Clearing House RTP network. Request for Payment gives investors the ability to make instant deposits 24/7 to fund brokerage accounts and begin trading immediately. Request for Payment is designed to be a fast, transparent and secure method of initiating payment requests that provides investors with an alternative to legacy money transfer services that can take up to five business days to settle into brokerage accounts. Interactive Brokers is the first brokerage in the U.S. to offer the Request for Payment service to select clients.

"Interactive Brokers has its roots in technological innovation and Request for Payment is yet another example of how we offer clientsadvanced 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."

Request for Payment allows clients to make deposit requests directly from their brokerage accounts. Clients can then authorize the payment from their mobile banking app or other bank portal and promptly trade with the funds at Interactive Brokers. While initially available to U.S. clients of Interactive Brokers with Chase accounts, the capability is expected to expand to other bank customers over the next few months.

"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," said Cyrus Bhathawalla, Global Head of Real Time Payments, J.P. Morgan. "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."