Introduction to sending payments
30 September 2024
In addition to accepting payments, many businesses also require the capability to send payments to users or other third-party entities. Sending money can be complex and uncertain.
Our Global Payments API provides developers and businesses with several options for funds disbursement to cater to different payout needs and preferences through a single unified API. Let’s look at the options available within our Global Payments API.
Before starting
Before accepting payments with our Global Payments API, we recommend getting familiar with the key participants and the payment lifecycle.
Products
Real-Time Payments
Real-Time Payments (RTP) is a newer payment rail that processes transactions almost instantly, allowing for an immediate transfer and settlement of funds. Unlike traditional banking hours, RTP is available 24/7. This payment method is great for things like vendor payments and merchant payouts.
Push to Card
J.P. Morgan Push to Card (P2C) leverages our banking and payment infrastructure to enable businesses to send funds to an eligible recipient’s debit or reloadable prepaid Visa or Mastercard. Much like RTP, this method processes transactions almost immediately and is available 24/7. The advantage of this form of payment is that it doesn’t require a recipient to have a bank account. This works well for incentive payments, government disbursements and other use cases where a customer needs easy access to funds.
Automated Clearing House
Automated Clearing House (ACH) payments allow customers to transfer funds directly from one bank account to another. Unlike some other payment options, ACH payments are not settled immediately. However, these payments are advantageous because they can be comparatively cheaper to other payment options due to lower processing fees. It’s a great low-cost solution for non-urgent payments and is effective for payroll payments and other recurring payouts for bills or vendors.
JPM Coin System
The JPM Coin System is a private, permissioned blockchain platform that functions as a payment rail and ledger for demand deposit accounts maintained on the system (called “Blockchain Deposit Accounts” or “BDAs”). The BDAs maintained on the JPM Coin System supports both domestic and cross-border payments. Transfers happen in near real-time and are available 24/7*.
Where to go from here
Our Global Payments API provides a comprehensive and robust selection of payment rails to meet your remittance needs. For more, check out the following docs on our Payments Developer Portal:
If you’re a developer and would like to create an account to test out our Global Payments API in a sandbox, you can easily create an account and get your API keys.
*24/7 availability subject to downtime maintenance that occurs on the weekend or other non-banking days.