Utilising the banking cooperative’s low value remittance solution, UniCredit and JP Morgan have partnered to allow small businesses and consumers send fast and secure near real-time cross border payments at a competitive price with Swift Go.
Swift Go enables banks to provide their end customers with transparent payments services with upfront visibility on processing times and costs, tighter service level agreements between institutions and pre-validation of data.
With the promise of payments being credited on the same day and free of charge for the beneficiary, UniCredit customers will be able to leverage both Swift Go and JP Morgan’s PayDirect solution to make payments of up to $10,000 to any JP Morgan Chase branch in the US.
This is Swift Go’s first move in the US and expansion is also expected to occur to other UniCredit clients across Europe in due course.
On the partnership, Raphael Barisaac, UniCredit’s global head of cash management, said: “UniCredit has always been a staunch supporter of innovations within the payments sector that deliver excellent outcomes for end-customers and our cooperation with J.P. Morgan represents a clear step in this direction. As ever, we strive to support our clients with the best possible solutions and expect this news to be positively-received by our customers that carry out business operations in the United States.”
Gayathri Vasudev, head of global clearing product at JP Morgan added: “J.P. Morgan is committed to innovation in the global payments industry, so we’re pleased that UniCredit is leveraging our new PayDirect solution and SWIFT Go to provide payment services to its business and consumer clients. Through PayDirect and SWIFT Go, UniCredit will be delivering payments into the US via US low-value clearing network (ACH), providing a great end-to-end experience and transparency of fee, while delivering full value of payments.
Seven global banks – BBVA; Bank of New York Mellon; DNB; MYBank; Sberbank; Société Générale, and UniCredit – which collectively handle 33 million low-value cross-border payments per year, are already live with the service.
