The collaboration enables UniCredit clients to use both JP Morgan's PayDirect solution and SWIFT Go to make real-time cross border payments
UniCredit bank, Bucharest, Romania. (Credit: Babu/Wikipedia.)
UniCredit and JP Morgan have partnered on the Swift Go project to allow small businesses and consumers to send fast and secure near real-time cross border payments.
SWIFT Go is an advanced service that enables SMEs and retail customers to send rapid, highly secure, and competitively priced cross-border payments across the world.
Under the new collaboration, UniCredit clients can use both JPMorgan’s PayDirect solution and SWIFT Go to make payments of up to $10,000 to any of JPMorgan’s branches in the US.
JP Morgan global clearing product head Gayathri Vasudev said: “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.”
UniCredit said that the SWIFT Go service facilitates the payments to be credited on the same day and involves no charge for the beneficiary.
With tight service level agreements between institutions and pre-validation of data, SWIFT Go would help banks to better serve their end customers.
The collaboration marks the first step in the roll-out of SWIFT Go in the US, with plans to further extend the services to other clients across Europe soon, said UniCredit.
UniCredit global cash management head Raphael Barisaac 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.”
In a separate development, SWIFT has partnered with EBA CLEARING, an operator of payment infrastructure in Europe, and The Clearing House (TCH), a payments network in the US, to advance cross-border payments.