US-based brokerage firm TD Ameritrade is allowing individual investors to instantly fund a brokerage account with Apple Pay.
Image: TD Ameritrade headquarters in Omaha, Nebraska. Photo: Courtesy of TD Ameritrade IP Company, Inc.
TD Ameritrade stated that traditionally, investors who had to pay for brokerage accounts, had to go through a multi-day waiting period while funds were verified or had to undergo a complicated wire transfer.
The company claims to be the first to offer instantaneous funding for brokerage accounts through Apple Pay. Authentication will be done either by Touch ID or Face ID on iPhone X or later.
TD Ameritrade retail president Peter deSilva said: “Incredibly, the way we fund brokerage accounts hadn’t changed in the last 43 years, and it had become a huge pain point for our customers – in fact, it was one of our top five call drivers.
“We’re excited to be the first to make opening and funding a brokerage account a fast, seamless experience on par with what consumers increasingly expect.”
Customers can also deposit up to $10,000 per day using a debit card through Apple Pay using Apple Business Chat (depending on their bank’s limits). The brokerage firm has been using Apple Business Chat as a messaging channel since last year and now has chosen to add Apple Pay, as 75% of its customers are iOS users.
With this launch, users can deposit with Apple Business Chat in the Messages app on their iPhone or iPad.
To start an Apple Business Chat, customers should click the ‘Chat with Messages’ button on the ‘Contact Us’ section of the TD Ameritrade website and TD Ameritrade Mobile App, or search for TD Ameritrade on iPhone or iPad in Maps, Safari or with Siri, then tap the Messages icon that appears next to the TD Ameritrade search result. In the coming weeks, the company plans to extend the use of Apple Pay to its website and mobile apps.
TD Ameritrade strategic partnerships and emerging technologies head Sunayna Tuteja said: “TD Ameritrade is focused on using technology in new ways to solve real problems and ultimately streamline the investing experience.
“We’re proud to set a new industry standard by enabling investors – for the first time in history – to fund their brokerage accounts instantly through Apple Pay using Apple Business Chat, giving them the ability to begin trading equities immediately.”