JPMorgan and UniCredit Partner on SWIFT Go Payment Transactions Across Europe and the US

SWIFT Go Payment

October 11, 2021

Reading Time: 2 minutes

Leading financial services provider in Europe, JP Morgan, and US banking giant Unicredit have announced a partnership that will see SWIFT Go payments run seamlessly between Europe and the United States.

As per the official announcement published by Unicredit, the SWIFT Go project will enable customers to send payments in a secure, transparent, and low-valued price environment. The new project leverages JPMorgan’s proprietary PayDirect solution and Swift Go to make payments of up to $10,000 to all JPMorgan Chase branches in the US.

The release promises that payments will be credited on the same day and free for beneficiaries.

UniCredit and J.P. Morgan’s collaboration on SWIFT Go payment transactions between Europe and the US marks the first step for SWIFT Go on its rollout attempts in the US. Later expansion strategies will be launched for UniCredit’s customers all over Europe.

UniCredit’s Global Head of Cash Management, Raphael Barisaac, holds that their company has always been keen on innovations within the payment sector that will deliver better outcomes for end customers. Their collaboration with JPMorgan indicates that as they strive to bring forth the best possible solutions, and hope their clients will carry it forward.

Head of Global Clearing Product at J.P. Morgan, Gayathri Vasudev, added that JP is committed to global payment industry innovation. The team reports that they are pleased UniCredit is leveraging their proprietary PayDirect solution and Swift Go to improve payment logistics. Vasudev further clarified that it is through PayDirect and SWIFT Go will UniCredit delivers payments into the US.

Favorably, this new approach will utilize the US low-value clearing network (ACH) and thus enable a pleasurable end-to-end experience and fee transparency.

JPMorgan is indeed dedicated to the cause; Earlier this year, the banking giant partnered with DBS and Temasek to develop a new blockchain network for cross-border payments.

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