12:18 PM EDT, 09/19/2024 (MT Newswires) -- Walmart ( WMT ) is partnering with Fiserv ( FI ) to upgrade payment options for its customers and roll out a real-time pay-by-bank option in 2025, Bloomberg reported Thursday, citing interviews with executives at both companies.

Walmart ( WMT ) earlier this year started a limited pay-by-bank feature through Walmart Pay for online customers, processing transactions through The Automated Clearing House, the electronic funds transfer network connecting participating merchants and financial institutions, the report said.

The upgraded payments system will use Fiserv's ( FI ) NOW Network connecting ACH's real-time payments network and the Federal Reserve's FedNow to facilitate instant payments to merchants, the companies told Bloomberg.

By paying directly from customer bank accounts, the new checkout platform also sidesteps the fees card issuers charge merchants for processing sales and are typically passed along to consumers through surcharges, the report said.

Representatives for Walmart ( WMT ) and Fiserv ( FI ) did not immediately respond to messages from MT Newswires seeking additional details about the new payments processing platform.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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