U.S. Bank, Apex Fintech Solutions to deliver real-time payments to brokerages
21 Abril 2022 - 10:00AM
Business Wire
Real-time payments solution enables
individual investors to move money in and out of their brokerage
accounts securely, instantly and 24/7/365
U.S. Bank today announced a real-time payment collaboration with
Apex Fintech Solutions (“Apex”) to provide greater speed and
security to money movement between individual investors and broker
dealers.
Through its subsidiary Apex Clearing Corporation, Apex provides
clearing and custody services to some of the top online brokerages,
powering the future of digital wealth management through
innovation. With this real-time payment solution, brokerages using
Apex will be able to offer individual investors a more streamlined
payment solution that enables instant funding of their brokerage
accounts and instant disbursement from their brokerage accounts to
their bank accounts.
“U.S. Bank is focused on making the adoption of real-time
payments simple and effortless so businesses and consumers can take
advantage of the power of instant payments,” said Shailesh Kotwal,
Vice Chair, Payment Services at U.S. Bank. “We’re proud to work
with Apex to help remove payment pain points for brokerages and
individual investors, who stand to greatly benefit from the speed
and security of real-time payments.”
“The need for real-time payments has been steadily growing
across multiple 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 at Apex. “U.S. Bank is a trusted partner, and
we’re thrilled to bring real-time payments to market as we deliver
a customer-centric solution to our clients.”
U.S. Bank and Apex have worked together in recent months to
develop a tailored solution that will create a frictionless payment
experience for individual investors. From their broker dealer’s app
or website, investors will be able to use real-time payments to
request:
- Immediate movement of funds from their bank account instantly
into their brokerage account 24/7/365, reducing the risk and
operational hassles of an ACH return for broker dealers;
- Movement of funds from their brokerage account instantly into
their bank account, enabling immediate access and an improved
investing experience.
Real-time payments are expected to be available for brokerages
using the Apex platform in the third quarter of 2022.
With The Clearing House’s RTP® Network, the first new payment
rail in the U.S. in more than 40 years, U.S. Bank helps businesses
send and receive payments instantly 24 hours a day, 365 days a
year. U.S. Bank, which participated in the first ever payment on
the RTP Network, is one of the top senders of RTP transactions in
the U.S. The bank is continually developing new ways for companies
to utilize real-time payments, such as a new Request for Payment
solution for billers.
About U.S. Bank
U.S. Bancorp, with nearly 70,000 employees and $587 billion in
assets as of March 31, 2022, is the parent company of U.S. Bank
National Association. The Minneapolis-based company serves millions
of customers locally, nationally and globally through a diversified
mix of businesses: Consumer and Business Banking; Payment Services;
Corporate & Commercial Banking; and Wealth Management and
Investment Services. The company has been recognized for its
approach to digital innovation, social responsibility, and customer
service, including being named one of the 2022 World’s Most Ethical
Companies and Fortune’s most admired superregional bank. Learn more
at usbank.com/about.
About Apex Fintech Solutions
Apex Fintech Solutions Inc., the “fintech for fintechs,” is the
parent company of Apex Clearing Corporation, a custody and clearing
platform that’s powering innovation and the future of digital
wealth management, and Apex Pro, a trusted clearing partner to
broker-dealers, ATS’s, routing firms, professional trading firms,
hedge funds, institutions and emerging managers. We offer
cryptocurrency trading and custody services through Apex Crypto
LLC, a wholly owned subsidiary of Apex Fintech Solutions.
Collectively, our suite of solutions creates an environment where
companies with the biggest ideas in fintech are empowered to change
the world. If you’ve got the guts to dream, we’ve got the guts to
help you realize those dreams.
For more information, visit the Apex Fintech Solutions website:
https://www.apexfintechsolutions.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20220421005249/en/
Todd Deutsch, U.S. Bank Public Affairs & Communications
todd.deutsch@usbank.com | 612.303.4148
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