March 14, 2019
PayPal is rolling out a service initiative, called Instant Transfer, to banks.
The capability is available to U.S. consumers and will be deployed to U.S. businesses in the coming weeks, with international expansion in the near future, according to a company blog by PayPal executive Vice President and COO Bill Ready.
The service is made available to PayPal customers through the payment company's expanded partnership with JPMorgan Chase, which allows PayPal to access the Real Time Payments network from The Clearing House.
The program expands Instant Transfer to debit cards, which was launched a few years ago and provided the ability to transfer their PayPal balance instantly to eligible debit cards, according to the blog.
PayPal later expanded its debit card program with the introduction of Funds Now, which helps selected businesses get access to funds from their completed sales within seconds.
"After seeing impressive adoption with both of these offerings, we wanted to continue rolling out additional solutions that make it faster for people and businesses to get access to their money," Ready stated in the blog.
Instant transfers will be accompanied by a 1 percent fee; standard transfers, which are generally completed within one business day, will continue to be free, the company said.
Topics: Mobile Banking, Mobile/Digital Wallet, Money Transfer / P2P, Transaction Processing
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