UniCredit and J.P. Morgan (NYSE: JPM) have teamed up for the SWIFT Go project – a transformative new service that “enables small businesses and consumers to send fast, highly secure, and competitively priced low-value cross-border payments anywhere in the world.”
As mentioned in the announcement:
“Under the newly-formed collaboration, UniCredit clients are able to leverage both JPMorgan’s PayDirect solution and SWIFT Go to make payments of up to USD 10,000 to any JPMorgan Chase branch in the US.”
The payments should be credited on the same day and “free of charge” for the beneficiary, the update noted.
This announcement “represents the first step in SWIFT Go’s roll-out in the US, with further services to be extended to other UniCredit clients across Europe soon,” according to a release.
The update also noted that by “using tighter service level agreements between institutions and pre-validation of data, SWIFT Go enables banks to provide their end customers with a fast and predictable payments experience that includes upfront visibility on processing times and costs.”
Raphael Barisaac, UniCredit’s Global Head of Cash Management, stated:
“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 J.P. Morgan, remarked:
“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.”
