UniCredit and JP Morgan leverage SWIFT Go for cross-border payments. SWIFT enables small and medium-sized businesses (SMB) to streamline their payment experiences and consumer transactions across the Atlantic, utilising this connection to the largest banks in the US.
UniCredit and JP Morgan have partnered to allow small businesses and consumers to send fast and secure near real-time cross-border payments at a competitive price through SWIFT Go.
Raphael Barisaac, Chief Financial Officer at UniCredit, said, “UniCredit has always been a strong supporter of new wage sector reforms that have produced positive results”.
Gayathri Vasudev, Head of Global Clearing Product at J.P. Morgan said, “Through PayDirect and SWIFT Go, UniCredit will be delivering payments into the U.S. via U.S. low-value clearing network (ACH), which provide a great end-to-end experience and transparency of fee, while delivering the full value of payments”.
The collaboration gives UniCredit customers access to J.P. Morgan’s proprietary PayDirect solution. PayDirect and SWIFT Go can be tapped for payments up to $10,000 to any JPMorgan Chase branch in the US. The payments are credited on the same day with no charge to the beneficiary.
SWIFT Go was first introduced in the US and plans to serve other UniCredit customers across Europe. UniCredit strives to support its clients with the best possible solutions and expect that this development will be positively received by its customers that carry out business operations in the US.
The company innovates to deliver excellent outcomes for end customers and the cooperation with J.P. Morgan represents a clear step in this direction.
Seven global banks, including BBVA, Bank of New York Mellon, DNB, MYBank, Sberbank, Société Générale and UniCredit are live using this service. These companies collectively handle 33 million low-value cross-border payments per year
SWIFT Go enables banks to give their customers a seamless payment experience that is transparent and saves time and money.