JPMorgan taps Thunes to expand Xpedite Remit payouts

JPMorgan Payments has selected Thunes to power international payout capabilities for Xpedite Remit by integrating Thunes’ cross-border payments network with the bank’s remit offering.

Under the agreement, Thunes will provide cross-border clearing and local payout services to support transfers from JPMorgan’s clients to recipients on local rails such as bank accounts, mobile wallets and cash-out partners in multiple countries. The arrangement connects JPMorgan’s payments infrastructure with Thunes’ corridors and payout endpoints to expand the geographies and payment methods available through Xpedite Remit.

JPMorgan Payments will continue to operate its client-facing platform and keep responsibility for compliance, risk controls and client onboarding while routing eligible remittance flows through Thunes’ network. Thunes will handle settlement and local distribution in the markets it serves. Technical integration of payment flows and operational connectivity to existing local partners are part of the work plan.

Xpedite Remit is offered within JPMorgan’s Xpedite suite of payment services for corporate and institutional clients moving funds internationally. The arrangement allows clients to reach additional payout endpoints without JPMorgan building separate local connectivity in each market.

Operational monitoring and controls to meet regulatory and anti-money-laundering requirements are included in the agreement. Technical teams from both firms will coordinate transaction routing, settlement reconciliation and exception handling for payout failures or returns. The companies plan to phase the integration by corridor and payout type to maintain service continuity for existing clients.

The agreement follows a pattern of large banks using third-party networks to gain faster access to local payment rails in markets where building in-house capabilities is complex and time consuming. Thunes operates a platform that connects banks, wallets and payments providers to local payout networks in a range of emerging and developed markets. JPMorgan has expanded its payments offerings in recent years through new products and partnerships aimed at improving speed, reach and transparency for clients moving money across borders.