JPMorgan Chase is emphasizing real-time payments for corporate clients according to Sairam Rangachari, global head of digital channels and open banking for wholesale payments at the bank. Rangachari discussed the bank’s work with corporate clients during a presentation at the fully virtual Bank Innovation Build last week. 

Customers are “really trying to use real-time payments for the right use cases,” Rangachari said. “They’re trying to make urgent payments. They’re trying to make one-off payments. We see a huge case with request-for-payments where they can collect money in real time from their counterparties.”

According to Rangachari, corporate payment innovation should consider the end consumer, so the bank is prioritizing real-time payments that can help their clients’ employees and gig economy workers get paid instantly. It’s an approach also being taken by other big banks, as PNC this month launched the ability for corporate clients to push instant payments to debit cards. 

For JPMorgan Chase, payment innovation can create more inclusive financial services. According to Rangachari, reaching underbanked consumers is important as institutions develop payments capabilities. “As we deal with marketplaces that have a global view, they want to make sure the underbanked and unbanked are not left behind,” he said. 

See also: Inside JPMorgan’s corporate payments and open banking strategy

The ability to help clients pay workers instantly is becoming a bigger focus of incumbent banks. PNC’s Direct to Debit Card, which launched earlier this month, allows corporate clients to push payments directly to accounts with a 16-digit debit card number, a function that helps pay employees and gig workers, as well as issue refunds. 

“The beauty behind immediate payments is you know right away whether or not it worked. If it didn’t work, you go start to cure the problem,” Chris Ward, executive vice president and head of product and operations for PNC Treasury Management, previously told Bank Innovation.