JP Morgan Payments partners with Thunes for cross-border

JP Morgan Payments has selected Thunes to power the cross-border capabilities of its Xpedite Remit solutions suite. The partnership aims to meet growing demand for fast and reliable international payments by connecting J.P. Morgan's infrastructure with Thunes' global network.

Gayathri Vasudev, Global Head of High Value Payments & FX at J.P. Morgan Payments, stated that clients want simpler, faster ways to move money across borders. "That's why we are continuing to enhance our cross-border capabilities and further expanding our solution through the collaboration with Thunes," Vasudev said.

The new solution leverages J.P. Morgan Payments' connectivity to local real-time payments rails and Thunes' Direct Global Network. It promises principal protection, end-to-end traceability, and faster payouts for clients, with the option for seamless foreign exchange conversion.

Expanded reach and capabilities

Clients can access local bank accounts and mobile wallets via real-time, 24/7 payment networks from a single account. The integration provides access to 12 billion mobile wallets and bank accounts across more than 100 payment corridors through the Thunes network.

Peter De Caluwe, Co-Founder and CEO of Thunes, welcomed the partnership. "Together, we are demonstrating how traditional banking infrastructure can connect with popular local payment methods to make global commerce smoother for everyone involved," De Caluwe said.

Benefits for Chase consumer banking

The Consumer and Community Bank at JPMorgan Chase will also use the enhanced capabilities. For the approximately 94 million consumer and small business customers with Chase accounts, the new payment rails are expected to enable faster payout experiences and support real-time inbound payments into the United States.

Ashish Ajmera, Head of Banking Payments at Chase, noted the rising customer expectations for cross-border transactions. 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, Ajmera explained.

Initial rollout and key markets

The initial global rollout supports payments for instant supplier settlements, bill payments, and remittances. It will be available in key markets with significant cross-border remittance flows.

The supported markets include:

The move addresses the complexity for organizations operating in multiple markets as local payment methods become the preferred choice for consumers and businesses sending and receiving money.