Thunes has been selected by J.P. Morgan Payments to expand cross-border payouts via the bank's Xpedite Remit solutions suite.
The collaboration combines J.P. Morgan Payments' connectivity to local real-time payment rails with Thunes' Direct Global Network to address growing demand for fast and reliable international payments.
Under the arrangement, J.P. Morgan Payments clients are set to gain access to 12 billion mobile wallets and bank accounts across more than 100 corridors supported by the Thunes network. Payouts can be made in the same currency or with foreign exchange conversion, through real-time payment networks operating 24/7, from a single account and connection.
Capabilities and initial rollout
Xpedite Remit offers principal protection, end-to-end traceability, and faster payouts to local bank accounts and mobile wallets. The initial rollout covers use cases including instant supplier settlements, bill payments, and remittances.
The service will be available globally, including in markets with significant cross-border remittance flows such as India, Mexico, Bangladesh, Brazil, China, Colombia, Indonesia, Kenya, Nigeria, Pakistan, and the Philippines. Several of these markets rely heavily on mobile wallet ecosystems, which the Thunes connection brings within the reach of Xpedite Remit.
The expanded capabilities also extend to the Consumer and Community Bank at JPMorganChase. Chase accounts serve approximately 94 million consumer and small business customers in the US, and the new payment rails are expected to support faster payouts as well as real-time inbound payments into the US.
Local payment methods and bank connectivity
The partnership comes as local payment methods increasingly become the preferred way for consumers and businesses to send and receive money. For organisations operating across multiple markets, keeping pace with these preferences can add operational complexity.
According to Gayathri Vasudev, Global Head of High Value Payments & FX at J.P. Morgan Payments, clients are seeking simpler and faster ways to move money across borders and reach recipients through their preferred payment methods. The official linked the Thunes collaboration to the bank's recent progress with Swift's retail payments scheme, presenting both as part of a wider push to support clients expanding into new markets.
Thunes' network enables real-time payments in more than 140 countries and over 90 currencies. It connects to more than 12 billion mobile wallets, stablecoin wallets and bank accounts, as well as 15 billion cards, via over 220 payment methods including GCash, M-Pesa, Alipay and WeChat Pay.
