JPMorgan and UniCredit Partner on SWIFT Go Project

UniCredit, one of the largest financial services providers in Europe, and JPMorgan, the US-based banking giant, recently announced that both organizations have collaborated on SWIFT Go payment transactions between Europe and the US.

According to an official announcement shared by UniCredit, SWIFT Go allows businesses and consumers to send Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term in a secure and transparent environment. The newly formed partnership leverages JPMorgan's proprietary PayDirect solution.

In the press release, UniCredit mentioned that through the new collaboration, payments will be credited on the same day. Additionally, payments will be free of charge for the beneficiary. The latest partnership represents the first step in SWIFT Go's roll-out in the US.

"UniCredit has always been a staunch supporter of innovations within the payments sector that deliver excellent outcomes for end-customers and our cooperation with J.P. Morgan represents a clear step in this direction. As ever, we strive to support our clients with the best possible solutions and expect this news to be positively received by our customers that carry out business operations in the United States,” Raphael Barisaac, UniCredit's Global Head of Cash Management, commented on the latest partnership.

Global Payments

Since the start of 2021, JPMorgan has formed several partnerships with global financial institutions to make global payments secure, transparent and cost-effective. Earlier this year, the banking giant partnered with DBS and Temasek for the development of a new Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term-based platform for cross-border payments.

"JPMorgan is committed to innovation in the global payments industry, so we're pleased that UniCredit is leveraging our new PayDirect solution and SWIFT Go to provide payment services to its business and consumer clients. Through PayDirect and SWIFT Go, UniCredit will be delivering payments into the US via a US low-value clearing network (ACH), providing a great end-to-end experience and transparency of fee, while delivering the full value of payments," Gayathri Vasudev, Head of Global Clearing Product at JPMorgan, said.

Under the new partnership, UniCredit clients are able to leverage both JPMorgan's PayDirect solution and SWIFT Go to make payments of up to USD 10,000 to any JPMorgan Chase branch in the US.