Industry First: TD Ameritrade Enables Investors to Instantly Fund Brokerage Accounts Using Apple Pay
January 15 2019 - 8:30AM
Business Wire
Now available to individual investors in the
U.S. through Apple Business Chat on iPhone and iPad
TD Ameritrade announced an industry first today: the ability for
individual investors to instantly fund a brokerage account with
Apple Pay through Apple Business Chat in the Messages app on iPhone
and iPad. Historically, to fund brokerage accounts, investors have
had to endure a multi-day waiting period while funds were verified
or manage a complicated wire transfer. TD Ameritrade is the first
U.S.-based financial services firm to offer instantaneous funding
for brokerage accounts through Apple Pay with just a touch using
Touch ID or a double-click of the side button and glance at your
iPhone X or later to authenticate with Face ID.
“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,” said
Peter deSilva, president of retail at TD Ameritrade. “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.”
“TD Ameritrade is focused on using technology in new ways to
solve real problems and ultimately streamline the investing
experience,” said Sunayna Tuteja, head of strategic partnerships
and emerging technologies at TD Ameritrade. “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.”
Using a debit card, customers can deposit up to $10,000 per day
through Apple Pay using Apple Business Chat (depending on their
bank’s limits). TD Ameritrade has been using Apple Business Chat as
a messaging channel since 2018 and chose to add funding with Apple
Pay because 75 percent of TD Ameritrade customers are iOS
users.
Apple Pay is quick, easy, and secure. When you use a debit card
with Apple Pay, the actual card numbers are not stored on the
device, nor on Apple servers. Instead, a unique Device Account
Number is assigned, encrypted and securely stored in the Secure
Element on your device. Each transaction is authorized with a
one-time unique dynamic security code.
With this initial launch, users can initiate the deposit with
Apple Business Chat in the Messages app on their iPhone or iPad. To
start an Apple Business Chat, customers can 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.
The company plans to extend the use of Apple Pay to its website and
mobile apps in the near future.
TD Ameritrade was among the first companies to participate in
the launch of Apple Business Chat last spring, providing investors
with financial market updates, investor education, research and
trading directly through the Messages app on iPhone and iPad – and
that now includes immediate account funding.
The ability to fund a brokerage account through Apple Pay works
with iPhone 6 and later, iPhone SE, iPad Pro, iPad (5th
Generation), iPad Air 2, and iPad mini 3 and later. Apple Business
Chat beta is built into iOS 11.3 and higher. Account funding
through Apple Pay is limited to debit cards only; credit cards will
not be accepted.
About TD Ameritrade Holding CorporationTD Ameritrade
provides investing services and education to
more than 11 million client accounts totaling approximately $1.3
trillion in assets, and custodial services to more than
6,000 registered investment advisors. We are a leader in U.S.
retail trading, executing an average of approximately 800,000
trades per day for our clients, more than a quarter of which come
from mobile devices. We have a proud history of innovation,
dating back to our start in 1975, and today our team of nearly
10,000-strong is committed to carrying it forward. Together, we are
leveraging the latest in cutting edge technologies and one-on-one
client care to transform lives, and investing, for the better.
Learn more by visiting TD
Ameritrade’s newsroom at www.amtd.com, or read our
stories at Fresh Accounts.
Brokerage services provided by TD Ameritrade, Inc., member
FINRA/SIPC.
Third party firms mentioned above are separate from and not
affiliated with TD Ameritrade, which is not responsible for their
services or policies.
With the initial launch, funds are available immediately for
trading of equities only. While funds are usually available
immediately, some deposits may take up to 24 hours to reflect in
their TD Ameritrade account.
Source: TD Ameritrade Holding Corporation
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At the CompanyChristina
GoetheCorporate
Communications201-369-8510christina.goethe@tdameritrade.com@TDAmeritradePR
Jeff GoeserInvestor
Relations402-597-8464jeffrey.goeser@tdameritrade.com
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