Digital Banking

JPMorgan joins the rank of fintechs

October 21, 2020

JPMorgan Chase & Co. recently entered the fintech ring, sharing space with players such as PayPal, Square and Fiserv.

The bank has introduced a fast-funding fintech service paired with a checking account called QuickAccept, which will allow businesses to take card payments seamlessly via a mobile app or a contactless card reader. The service is free of charge, unlike competitors which charge 1.5% in fees to make instant transfers. Users of QuickAccept can receive proceeds in their Chase account, same day, according to a report in Benzinga

JPMorgan plans to migrate more than 3 million small business customers with annual revenue of less than $500,000 to the QuickAccept service.

"We know there are obviously those that are using competitors' products, we can see them settling into their deposit accounts. Our hope is that through this more integrated experience, they will migrate their business over to QuickAccept through Business Complete Banking," Jen Roberts, Chase business banking unit CEO, said in the report.