JPMorgan Taps Thunes for Cross-Border Payments Infrastructure

J.P. Morgan Payments has partnered with Singapore-based Thunes to provide faster and more seamless cross-border payments for its clients, including Chase's approximately 94 million consumer and small business customers.

The partnership will allow J.P. Morgan's corporate and institutional clients to initiate payouts through a single API call, eliminating the need for multiple correspondent relationships or intermediate hops in the payment chain.

This move is significant as it marks a shift away from traditional correspondent banking, which has been plagued by rising Anti-Money Laundering compliance costs and regulatory risks.

Thunes' direct local-rail network will enable real-time payments into the US, while also reducing fees and compliance pauses associated with conventional correspondent banking.