TD Ameritrade is making it possible for individual investors to fund a brokerage account with just a few clicks on an Apple iPhone.
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 US-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 for 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,” says 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.”
Using a debit card, customers can deposit up to $10,000 per day through Apple Pay using Apple Business Chat. TD Ameritrade has been using the messaging channel since 2018 and chose to add funding with Apple Pay because 75% of its customers are iOS users.
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.
“TD Ameritrade is focused on using technology in new ways to solve real problems and ultimately streamline the investing experience,” says 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