US Bank Announces Real-Time Payments Collaboration with Apex
US Bank has partnered with Apex Fintech Solutions to provide greater speed and security in the movement of money between individual investors and brokers.
With nearly 70,000 employees and $587 billion in assets as of March 31, 2022, US Bancorp is the parent company of the US Bank National Association.
The Minneapolis-based company serves millions of customers locally, nationally and globally through a diverse array of businesses: personal and business banking; payment services; Business and corporate banking services; and wealth management and investment services.
Through its subsidiary Apex Clearing Corporation, Apex provides clearing and custody services to some of the major online brokerages.
With this real-time payment solution, brokerages using Apex will be able to offer individual investors a simpler payment solution that enables instant funding of their brokerage accounts and instant disbursement of their brokerage accounts. to their bank accounts.
“US Bank is focused on making the adoption of real-time payments simple and effortless so that businesses and consumers can leverage the power of instant payments,” said Shailesh Kotwal, vice president of payment services. at US Bank.
“We are proud to work with Apex to help eliminate payment hassles for brokerages and individual investors, who will greatly benefit from the speed and security of real-time payments.”
US Bank and Apex have worked together over the past few months to develop a bespoke solution that will create a frictionless payment experience for retail investors.
From their broker’s app or website, investors will be able to use real-time payments to request: an immediate transfer of funds from their bank account to their brokerage account 24/7/365, reducing risk and operational hassles of an ACH return for brokers; movement of funds from their brokerage account instantly to their bank account, allowing immediate access and an enhanced investment experience.
Real-time payments are expected to be available for brokerages using the Apex platform in Q3 2022.
“The need for real-time payments has grown steadily in many industries. At Apex, we are committed to driving innovation to stay ahead of consumer demands and are pleased to provide safe, easy and seamless access to payment solutions,” said Bill Capuzzi, CEO of Apex.
“US Bank is a trusted partner, and we’re excited to bring real-time payments to market as we deliver a customer-centric solution to our customers,” he added.