- J.P. Morgan Payments selected Thunes to expand Xpedite Remit, combining its payments infrastructure with Thunes’ Direct Global Network for faster, more transparent cross-border payments.
- The partnership gives J.P. Morgan access to 12 billion bank accounts and mobile wallets across 100+ corridors, reducing the need to establish local connectivity market by market.
- Chase’s 94 million consumer and small business customers will also benefit, including through faster, real-time inbound payments into the US.
J.P. Morgan Payments has selected Thunes to expand its cross-border capabilities through the bank’s Xpedite Remit solutions suite.
The new suite of tools combines J.P. Morgan Payments’ connectivity with local, real-time payments rails and Thunes’ Direct Global Network to offer a reliable cross-border payments tool. The bank’s Xpedite Remit tool offers protection, end-to-end traceability, and faster payouts, regardless of whether the payment takes place in the same currency or uses a foreign exchange conversion.
The cross-border capabilities offer access to 12 billion local bank accounts and mobile wallets across more than 100 corridors around the clock. Cross-border payments have traditionally required financial institutions to navigate multiple correspondent banking relationships, local payment rails, currencies, and regulatory requirements. Combining J.P. Morgan Payments’ infrastructure with Thunes’ network will enable the bank to extend its reach into local bank accounts and mobile wallets without having to establish that connectivity market-by-market.
“Our clients want simpler, faster ways to move money across borders and to reach people through the payment methods they prefer,” said J.P. Morgan Payments Global Head of High Value Payments & FX, Gayathri Vasudev. “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.”
JPMorgan Chase’s Consumer and Community Bank will also benefit from Xpedite Remit’s expanded cross-border capabilities. The bank’s 94 million consumer and small business customers will receive faster payout experiences with real-time inbound payments into the US.
“As customers increasingly move money across borders as part of their everyday lives, they expect the experience to be fast, intuitive, and reliable,” said Chase Head of Banking Payments, Ashish Ajmera. “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, helping customers send money internationally with greater speed, transparency and confidence.”
Thunes was founded in 2016 as TransferTo and rebranded to Thunes in 2019. The company offers a cross-border payments and collection network that supports 80 currencies, enables payments to 130 countries, and offers 320+ payment acceptance methods. Unlike traditional cross-border payments providers that often rely on correspondent banking networks, Thunes offers a direct, proprietary global network. This direct network delivers faster, cheaper, and more transparent transactions and allows it to compete against players like Wise and Airwallex.
Photo by Tim Mossholder
