JPMorgan and UniCredit announced a new partnership today that will enable near real-time cross-border payments between Europe and the US with a new service, titled SWIFT Go, according to a press release.
The new service, which is stated to provide fast, secure and competitively priced cross-border payments in the same day and free-of-charge for the beneficiary, will allow payments up to $10,000 to any JPMorgan Chase branch in the US.
“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,” JPMorgan Head of Global Clearing Product Gayathri Vasudev stated in the release.
“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,” he said.
Seven global banks, including BBVA, Bank of New York Mellon, DNB, MYBank, Sberbank, Société Générale and UniCredit are live with the service starting today. These companies collectively handle 33 million low-value cross-border payments per year, according to Finextra.
UniCredit is a Belgium-based company offering worldwide financial messaging services, enabling instant payments transmission from a user’s bank account. SWIFT Go is now set to enable small and medium-sized businesses (SMB) to streamline their payment experiences and enable consumer transactions across the Atlantic, utilizing this connection to the largest bank in the US, according to PYMNTS.
“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,” UniCredit Global Head of Cash Management stated in the release.
In other recent fintech news, Better.com reported an $86 million loss in Q2 of 2021 as margins begins to narrow. Credit reporting firms UniversalCIS and Credit Plus also announced a merger.