J.P. Morgan Chase (NYSE) is reportedly ready to disrupt the fintech disruptors.
The banking behemoth is rolling out same-day deposits to customers of its WePay platform who have bank accounts with the firm, says WePay, the Silicon Valley-based start-up, acquired by J.P. Morgan December 2017.
The feature, available to some users already and spreading to all of its platforms by year-end, eases a cash bottleneck faced by many businesses.
A restaurant, for instance, can receive credit-card payments for happy hour drinks later that day. Payments received by 5 p.m. Pacific Time on Sunday through Friday will be deposited to user accounts by 9:30 p.m., according to WePay. Payments made on Saturday will be posted by Sunday at 4 p.m.