J.P. Morgan Payments announced it has partnered with Thunes to expand its cross-border payment capabilities.
Working through the Xpedite Remit solutions suite, the two companies have leveraged J.P. Morgan Payments’ connectivity to local real-time payments as well as Thunes’ network. The Xpedite Remit solution will allow clients to benefit from principal protection, end-to-end traceability, and faster payouts across more markets worldwide. The new capabilities will provide access to local bank accounts and mobile wallets via real-time, 24/7 payment networks, and enable client access to 12 billion mobile wallets and bank accounts across more than 100 corridors provided by Thunes Direct Global Network.
“Our clients want simpler, faster ways to move money across borders and to reach people through the payment methods they prefer,” Gayathri Vasudev, Global Head of High Value Payments & FX at J.P. Morgan Payments, said. “That’s why we are continuing to enhance our cross-border capabilities and further expanding our solution through the collaboration with Thunes. Building on milestones, like our recent progress with Swift’s retail payments scheme, we’re helping clients grow in new markets while delivering the faster, more seamless experiences they have come to expect.”
The companies said that as digital payments continue to grow, local payment methods are becoming the preferred way for consumers and businesses to send and receive money. For organizations operating in multiple markets, that adds a layer of complexity to transactions.
“We are thrilled to welcome J.P. Morgan Payments to our Direct Global Network. Thunes offers the bank-grade compliance, security and resilience required to move money safely and quickly at global scale. Together, we are demonstrating how traditional banking infrastructure can connect with popular local payment methods to make global commerce smoother for everyone involved,” Peter De Caluwe, Co-Founder and CEO of Thunes, said.
The partnership will also benefit the Consumer and Community Bank at JPMorganChase by expanding its cross-border capabilities. For Chase accounts, the enhanced payment rails are expected to enable faster payout experiences and support real-time inbound payments into the U.S.
“As customers increasingly move money across borders as part of their everyday lives, they expect the experience to be fast, intuitive and reliable,” Ashish Ajmera, Head of Banking Payments at Chase, said. “These enhancements mark an important step in our efforts to modernize cross-border payments and expand the capabilities available through our broader suite of products and services, helping customers send money internationally with greater speed, transparency and confidence.”