Today, financial technology startup Even has recorded a pacesetting milestone. The firm has now developed a real time payments (RTP) capability. This feat is made possible through the backing of J.P. Morgan, the U.S. financial services giant with a market capitalization of over US$496 billion.
With this new feature, Even plans to become one of the foremost corporations in the world to provide millions of hourly workers across the United States instant access to their earned salaries. Before now, this option was only possible and available to people working with online platforms such as ride-hailing apps.
Well over US$250 million in accrued income has been instantly accessible to users of Even’s platform since the beta launch of this new feature in July 2021. Internal surveys reveal that users have majorly used the EWA option as a means to circumvent bank overdrafts and make pressing, essential purchases like food and gasoline.
As traditional financial institutions and fintech startups race to offer the first comprehensive RTP products, it is hoped that in a not-do-distant future, everyone will be able to transfer money as fast and as seamlessly as they do with text messages. This opens up fresh financial openings and possibilities, especially for low income earners.
“At JPMorgan Chase, we are committed to improving the financial well-being of the workforce at large, including our communities, customers, and employees. RTP provides an instant payment solution with 24×7 flexibility putting Even members in control of their finances and when they access their pay,” said Cyrus Bhathawalla, Global Head of Real Time Payments at J.P. Morgan.
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