JPMorgan and UniCredit Partner on SWIFT Go Project
The new collaboration leverages JPMorgan's proprietary PayDirect solution.
UniCredit, one of the largest financial services providers in Europe, and JPMorgan, the US-based banking giant, recently announced that both organizations have collaborated on SWIFT Go payment transactions between Europe and the US.
According to an official announcement shared by UniCredit, SWIFT Go allows businesses and consumers to send payments in a secure and transparent environment. The newly formed partnership leverages JPMorgans proprietary PayDirect solution.
In the press release, UniCredit mentioned that through the new collaboration, payments will be credited on the same day. Additionally, payments will be free of charge for the beneficiary. The latest partnership represents the first step in SWIFT Gos roll-out in the US.
“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,” Raphael Barisaac, UniCredits Global Head of Cash Management, commented on the latest partnership.
Since the start of 2021, JPMorgan has formed several partnerships with global financial institutions to make global payments secure, transparent, and cost-effective. Earlier this year, the banking giant partnered with DBS and Temasek for the development of a new blockchain-based platform for cross-border payments.
“JPMorgan is committed to innovation in the global payments industry, so were 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 a US low-value clearing network (ACH), providing a great end-to-end experience and transparency of fee, while delivering the full value of payments,” Gayathri Vasudev, Head of Global Clearing Product at JPMorgan, said.
Under the new partnership, UniCredit clients are able to leverage both JPMorgans PayDirect solution and SWIFT Go to make payments of up to USD 10,000 to any JPMorgan Chase branch in the US.
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