JPMorgan Chase underscores the importance of the FedNow® Service for modern payments infrastructure
JPMorgan Chase
JPMorgan Chase (Off-site) is a leading financial services firm based in the United States, operating worldwide. The firm began offering instant payments through the FedNow Service in July 2023, when the service launched. Rupa Krishnan, global head of real-time payments, had this to say of the firm’s first year with the FedNow Service:
“We are proud to be among the first banks live on the FedNow Service and part of the nationwide growth and availability of instant payments. As instant payments become increasingly popular around the globe, connecting to the FedNow Service was a critical step when it came to providing faster payments for our clients.
“A core catalyst for instant payments within the U.S., the FedNow Service expands our connectivity with instant payment rails and helps us meet our goal of providing the widest reach, single-point connectivity and consistent, high-quality service to our clients. With instant payments, our clients can feel reassured that the funds are in their account quickly and irrevocably, any time of day.
“Our clients are leveraging use cases where instant transfers of funds add significant value — whether it’s through solving end-customer pain points or substantially enriching the end-customer experience. Leveraging the ISO® 20022 standard of FedNow Service payments, we are looking forward to building on the many possibilities of the FedNow Service in the coming months, working with clients to drive innovative use cases that provide the payment solutions they need.
“As financial institutions continue to connect to the FedNow Service and as the reach continues to grow, this modern payment rail becomes even more valuable — exponentially so. Reach is an important metric for any payment rail, and the fact that financial institutions are increasingly connecting to the FedNow Service means they are expanding the use of instant payments as a result. As the network expands, more senders enter the ecosystem and, in turn, unlock additional use cases. This growth compounds the value of the FedNow Service and underscores the importance of instant payment solutions for both consumers and businesses across the country.”
Want to see what other organizations have to say about the FedNow Service? Read more FedNow customer testimonials here.