UniCredit, one of Europe’s largest financial services providers, and JPMorgan, a US-based banking conglomerate, recently announced that they had collaborated on SWIFT Go payment transactions between Europe and the US.
SWIFT Go, according to a UniCredit official announcement, enables businesses and consumers to send payments in a secure and transparent environment. JPMorgan’s proprietary PayDirect solution is used in the newly formed partnership.
UniCredit stated in the press release that payments will be credited on the same day as a result of the new collaboration. Furthermore, payments will be made at no cost to the beneficiary. The latest collaboration marks the first step in the launch of SWIFT Go in the United States.
“UniCredit has always been a staunch supporter of payments sector innovations that provide excellent outcomes for end-customers, and our collaboration with J.P. Morgan represents a clear step in this direction.” “As always, we strive to provide our clients with the best possible solutions, and we anticipate that this news will be well received by our customers with operations in the United States,” Raphael Barisaac, UniCredit’s Global Head of Cash Management, said of the latest collaboration.
Payments Around the World
JPMorgan has formed several partnerships with global financial institutions since the beginning of 2021 to make global payments secure, transparent, and cost-effective. Earlier this year, the banking behemoth teamed up with DBS and Temasek to create a new blockchain-based platform for cross-border payments.
“JPMorgan is committed to innovation in the global payments industry, so we’re delighted that UniCredit is using our new PayDirect solution and SWIFT Go to provide payment services to its business and consumer clients.” UniCredit will deliver payments into the US via a US low-value clearing network (ACH) via PayDirect and SWIFT Go, providing a great end-to-end experience and fee transparency while delivering the full value of payments,” Gayathri Vasudev, Head of Global Clearing Product at JPMorgan, said.
UniCredit clients can now use both JPMorgan’s PayDirect solution and SWIFT Go to make payments of up to USD 10,000 to any JPMorgan Chase branch in the United States under the new partnership.