U.S. Bank has partnered with Apex Fintech Solutions to provide greater speed and security to money movement between individual investors and broker dealers.
With nearly 70,000 employees and $587bn in assets as of March 31, 2022, U.S. Bancorp 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.
Through its subsidiary Apex Clearing Corporation, Apex provides clearing and custody services to some of the top online brokerages.
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.”
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.
“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,” he added.
