J.P. Morgan Payments has tapped Thunes to expand Xpedite Remit across more than 100 cross-border payment corridors.
The partnership combines J.P. Morgan Payments’ access to local real-time payment rails with Thunes’ Direct Global Network.
Clients will be able to send payouts to bank accounts and mobile wallets through a single connection, with support for foreign exchange conversion.
Thunes’ network reaches 12 billion bank accounts and mobile wallets globally.
“Our clients want simpler, faster ways to move money across borders and to reach people through the payment methods they prefer. 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”
said Gayathri Vasudev, Global Head of High Value Payments & FX at J.P. Morgan Payments.
JPMorganChase’s Consumer and Community Bank will also use the expanded payment rails.
For Chase accounts, which serve about 94 million consumer and small business customers, the rails are expected to support faster payouts and real-time inbound payments into the United States.
The initial rollout will cover supplier payments, bill payments and remittances across markets including India, Mexico, Bangladesh, Brazil, China, Colombia, Indonesia, Kenya, Nigeria, Pakistan and the Philippines.
“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.”
said Peter De Caluwe, Co-Founder and CEO of Thunes.
Featured image: Edited by Fintech News Singapore, based on image by adobestock79 via Magnific
