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JPMorgan unit launches same-day deposits for merchants

JPMorgan Chase & Co. has rolled out a same-day deposits option, challenging other financial technology companies already disrupting the payments sector.

The option will be available for WePay Inc. merchants that bank with the financial services behemoth. The offering comes a month after the Federal Reserve announced that it will develop a faster payments service that it aims to launch by 2023 to 2024.

JPMorgan acquired the payments startup in December 2017.

The move pits JPMorgan against increasingly popular fintech disruptors like Square Inc. and Stripe Inc., which have both benefited from the move toward online commerce.

Square can transfer deposits up to $10,000 to linked debit cards within 15 minutes after close of day, while Stripe's Instant Payouts option allows money to be deposited in a bank account within 30 minutes. But to use the instant deposit option, Stripe charges 1.5% of the payout amount, with a minimum fee of 50 cents, and Square charges a 1% fee. Otherwise, processing payments takes one to two business days to complete. WePay will launch its same-day deposits at no additional cost, though the service will be subject to daily cutoff times.

WePay also launched various integrated payments solutions. The Silicon Valley startup launched a white-labeled solution for software platforms, meaning it will allow companies to offer their own integrated payments solutions while WePay manages the back-office operations.

The JPMorgan unit also announced Link, a service that will allow users to accept payments through a Chase Integrated Payments merchant account, and Core, a service aimed at software platforms that want to become payments facilitators integrating directly with the bank's wholesale payments.