UniCredit and J.P. Morgan team up on SWIFT Go payment transactions
Following criticism that the SWIFT Go low value payment service was opaque when it came to charges, two banks have engineered a solution that keeps the service free for recipients.
Europe based commercial bank, UniCredit has announced that it has partnered with J.P. Morgan in a SWIFT Go project enabling cross-border payments for individuals and small business customers.
Under this collaboration, clients of UniCredit would access JPMorgan’s PayDirect solution and SWIFT Go to make payments of up to USD 10,000 to any JPMorgan Chase branch in the US. As stated by the press note, the funds sent would be credited on the same day and free of charge for the beneficiary.
Last month, DBS introduced real-time payment tracking for all business clients in collaboration with SWIFT.
UniCredit says this is the first step in SWIFT Go’s roll-out in the US, with further services to be extended to other UniCredit clients across Europe soon.
“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”, said Gayathri Vasudev, Head of Global Clearing Product at J.P. Morgan.