J.P. Morgan announced earlier this week it is advancing its real-time payments offering by launching SEPA Instant in Europe. The banking group reported that with this latest offering it is continuing on its mission to drive efficiency and add critical value to our clients’ business. This is also the latest offering rounds out J.P. Morgan real-time payment capabilities in USD, GBP, and EUR, something no other bank currently offers.
While sharing more details about the SEPA expansion, Sungmahn Seo, Managing Director, Head of EMEA Payments and FX for J.P. Morgan Treasury Services, stated;
“Adding SEPA Instant is another step towards offering real-time payments around the globe. SEPA Instant will allow our clients the ability to make/receive a payment within seconds, for credit transfers in EUR up to 15,000, with 24/7availability and a Pan-European reach. Furthermore, we offer a single global API for our clients to connect with us for multiple real-time payment systems.”
J.P. Morgan also reported that as it rolls out SEPA Instant and other real-time payments schemes across the globe, its clients benefit from:
- Immediate payment finality
- The ability to address immediate business needs
- Easier reconciliation
- Better financial control and budgeting
- Improved liquidity management
- An enhanced customer experience
Art Brieske, Managing Director, Head of Faster Payments for J.P. Morgan Treasury Services, went on to add:
“Since we launched Real-time Payments in the US about a year ago, we are approaching one million transactions per month. As we create new opportunities and efficiencies for our clients via SEPA Instant and other real-time payment schemes we expect the take-up for real- time payments will grow exponentially.”