J.P. Morgan Payments is expanding its collaboration with Thunes to provide faster cross-border payments to bank accounts and mobile wallets across more than 100 payment corridors through its Xpedite Remit solutions suite.
The expanded capabilities combine J.P. Morgan Payments’ connections to local real-time payment rails with Thunes’ Direct Global Network, allowing clients to reach additional markets through a single account and connectivity arrangement.
Through Xpedite Remit, businesses can send cross-border payments with principal protection, end-to-end traceability and faster settlement, either in the original currency or through foreign-exchange conversion.
The expansion provides access to local bank accounts and mobile wallets through real-time, 24/7 payment networks.
J.P. Morgan said the combined infrastructure can reach approximately 12 billion mobile wallets and bank accounts across more than 100 corridors through the Thunes Direct Global Network.
The partnership addresses increasing demand from companies that want international payments to function more like domestic real-time transactions.
Businesses operating across multiple countries often need to connect with different banks, payment systems, and local payment methods, creating operational complexity around settlement, foreign exchange, reconciliation, and payment visibility.
J.P. Morgan is seeking to reduce that fragmentation by allowing companies to reach multiple local payment networks through its existing payments infrastructure.
The enhanced service is particularly relevant as consumers and businesses increasingly prefer local payment methods rather than traditional international banking channels.
Thunes’ network provides the local connectivity, while J.P. Morgan contributes banking infrastructure, payments capabilities, and foreign-exchange services.
The expansion will also extend into Chase’s consumer and small-business operations.
Chase accounts serve about 94 million consumer and small-business customers, and the new payment rails are expected to support faster international payouts and real-time inbound payments into the United States.
Initial applications include instant supplier settlements, bill payments and remittances.
The expanded capabilities will be available globally, including markets with significant international payment and remittance volumes such as India, Mexico, Bangladesh, Brazil, China, Colombia, Indonesia, Kenya, Nigeria, Pakistan and the Philippines.
For corporate clients, faster settlement can be particularly important when paying suppliers, contractors, employees or other recipients in markets where bank-processing schedules and international correspondent networks have traditionally created delays.
Mobile wallet connectivity also extends the service’s potential reach beyond recipients using conventional bank accounts.
J.P. Morgan Payments has been investing more broadly in modernizing its cross-border infrastructure.
That work includes Wire 365, as well as its recent progress with Swift’s retail payments scheme, which are intended to improve the speed and predictability of international payments.
The Thunes relationship adds another layer by connecting J.P. Morgan’s infrastructure with payment methods commonly used within individual markets.
The companies see that interoperability as increasingly important as businesses operate globally but expect payment experiences to remain fast and relatively simple regardless of where the recipient is located.
For J.P. Morgan, the expansion also broadens the utility of Xpedite Remit beyond traditional bank-to-bank international transfers by incorporating real-time rails and mobile wallets into the same cross-border framework.
KEY QUOTES:
“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.”
Gayathri Vasudev, Global Head Of High Value Payments & FX At J.P. Morgan Payments
“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.”
Peter De Caluwe, Co-Founder And CEO Of Thunes
“As customers increasingly move money across borders as part of their everyday lives, they expect the experience to be fast, intuitive and reliable. 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.”
Ashish Ajmera, Head Of Banking Payments At Chase
