Interactive Brokers Adds Request for Payments Service

The manoeuvre was possible after a partnership was arranged with JP Morgan.

Interactive Brokers LLC (NASDAQ: IBKR) announced on Thursday that it introduced Request for Payments service, a real-time payment-related messaging service, with JP Morgan. According to the press release, the offering is provided through The Clearing House RTP network.

With the new feature, investors can fund brokerage accounts 24/7 and begin trading immediately, Interactive Brokers said. Also, investors may use Request for Payment as an alternative to legacy money transfer services that can take up to five business days to settle into brokerage accounts. In a first instance, the Request for Payment service was introduced to Interactive Brokers for the first time in the US.

“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,” Steve Sanders, EVP of Marketing and Product Development at Interactive Brokers, commented on the announcement.

Suggested articles

Safle’s CEO Abhimanyu Kashyap on Creating Frictionless ExperiencesGo to article >>

Additionally, Cyrus Bhathawalla, Global Head of Real Time Payments, JP Morgan, said: “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.”

Crypto Trading for RIAs

Last Monday, Interactive Brokers announced that Registered Investment Advisors (RIAs) in the United States are now able to trade and custody Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash (BCH) on behalf of clients via Paxos, a blockchain infrastructure platform.

Got a news tip? Let Us Know