U.S. Bank and Apex Fintech Solutions come together for a real-time payment collaboration, and this alliance has aim to provide higher speed and security to monetary transactions between individual investors and broker-dealers.
Apex through its subsidiary, Apex Clearing Solutions is set to offer clearing and custody services to some of the leading online brokerages. This will empower the future digital wealth management using innovation. The Real-time payment solution will help securities firms that use Apex to offer individual investors a well-organized payment solution that processes prompt funding of their brokerage accounts and immediate pay-out from their brokerage accounts to their bank accounts.
Shailesh Kotwal, Vice-Chair, Payment Services, U.S. Bank, cited, “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. 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.”
Over the past few months, U.S. Bank and Apex collaboration developed a customized solution, driven to create a frictionless payment experience for individuals who want to invest. Here are the two features of the solution-
- Instant fund movement from their bank account to their brokerage accounts 24/7/365, minimizing the risk and operational difficulties of an ACH return for broker
- Fund movement from their brokerage accounts immediately to their bank account, allowing instant access and a better investing experience.
Stock and securities firms would be able to use real-time payment solutions using the Apex platform in the third quarter of 2022.
Bill Capuzzi, CEO, Apex, commented, “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. 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.”