Key takeaways
- Hunt Companies needed an alternative to expensive, time-consuming wire payments.
- J.P. Morgan worked with treasury software provider Kyriba to integrate Real-Time Payment and Account Balance APIs, which provided Hunt with a more efficient payment method.
- Hunt’s pilot of the APIs has saved the company time and money, so its treasury team can operate more efficiently.
Hunt Companies is a diversified, family-owned holding company that invests in operating businesses, real estate assets and infrastructure assets. Hunt has been a J.P. Morgan Real Estate Banking client since its founding in 1947.
The company’s Treasurer and Senior Vice President David Miller has over 20 years of treasury experience. He serves as a steward for Hunt and supports other businesses and organizations in the space.
The challenge: Expensive, time-consuming wire payments
“We sent around 15,000 wires in 2021 and spent an average of 10 minutes per wire,” Miller said.
Wires could also be time consuming, as funds might not appear in the recipient’s account for hours. If there was a problem, such as a miscommunication about an account or Office of Foreign Assets Control (OFAC) number, a wire could take up to a week to resolve.
The solution: A strategic relationship and real-time integration
For a more efficient alternative, J.P. Morgan reached out to treasury software provider Kyriba to integrate Real-Time Payments and Account Balance APIs.
The API integration could create a faster, smoother onboarding experience for J.P. Morgan and Kyriba’s mutual clients.
Miller is always looking for ways to innovate, so he jumped at the chance to join the pilot program for real-time payments.
J.P. Morgan worked with Kyriba to integrate Real-Time Payments and Account Balance APIs, which help clients send funds in under 15 seconds and at lower costs than traditional wires.
The results: A more efficient payments process
“After implementing Real-Time Payments, we saved an estimated 10 hours per week and reduced wire costs by 83%,” Miller said. While Real-Time Payments are still in their pilot phase, they have provided multiple benefits for Hunt, including:
- Increased efficiency: Real-Time Payments send in seconds, so Hunt’s treasury team doesn’t have to spend time chasing down wire payment confirmations.
- Cost savings: Real-Time Payments cost significantly less to process than wires, which reduce Hunt’s bank fees.
- Instant confirmation: Within seconds, payments appear in the recipient’s account and the payer and payee receive instant confirmation. The same process for a wire payment can take hours.
- 24/7 availability: Rather than working within OFAC’s availability, which could mean scrambling to send a payment before the Fed or individual bank’s cutoff, Hunt can send payments around the clock: 365 days a year, 24 hours a day.
"We’re excited about the potential of this brand-new tool. With Real-Time Payments, there’s no more waiting. I just hope the rest of the commercial real estate industry adopts this technology." — David Miller, Treasurer and Senior Vice President at Hunt Companies
-
© 2022 JPMorgan Chase & Co. JPMorgan Chase Bank, N.A. Member FDIC. Visit jpmorgan.com/cb-disclaimer for disclosures and disclaimers related to this content. The Hunt® trademark is registered to its respective holder and use of the trademark does not imply any affiliation with J.P. Morgan Chase or Real-Time Payments (RTP) or the truth or accuracy of the information contained herein. Any information given in this statement does not constitute any warranty of merchantability or fitness for a particular use.
