Ex-JP Morgan exec is putting the fun back into refunds with new payments fintech

JP Morgan’s former head of fintech Jeremy Balkin’s new startup TodayPay emerged from stealth mode to shake up the refund space.

The technology company, with the tagline ‘My Money, My Choice’, is launching as a payments business running on ‘Refunds as a Service’ — a suite of alternative refund solutions for merchants.

Riffing off of ‘Buy now, pay later’, TodayPay is coining ‘Refund now, pay later’, and says it will offer customers ‘Better Refund’ choices.

TodayPay is currently working with some big names in the industry, including Visa, Amazon Web Services, Alloy and Marqeta.

“Time is money. I built TodayPay because I've seen firsthand how the speed of a payment can change somebody's life,” Balkan said.

He explained that there is more than a trillion dollars of value exchanged through refunds every year, with “almost zero innovation” improving the customer experience.

According to TodayPay, it offers merchants and consumers “instant gratification” through certainty, speed and choice.

“TodayPay is transforming the broken refund process, from where money goes to die, into an intelligent customer acquisition channel for merchants,” he added.

 “Payments are sexy and TodayPay helps merchants transform refunds into revenues.”