“It has been our priority to provide an easier, faster, safer and cheaper overseas remittance solution to our customers. We have seen significant growth in the number of service users and remittance amounts over the past two years and high level of user satisfaction. We are looking forward to expanding this remittance service to more countries through our collaboration with J.P. Morgan,” said SeungHyeon Im, General Manager of International Trade Business at Woori Bank.
The service leverages J.P. Morgan’s artificial intelligence technology to route eligible wire payments to ACH at a cheaper price and with no traditional wire-railed charges incurred, through J.P. Morgan’s Xpedite Remit solution. And as the service is able to leverage existing wire rails, minimal changes to Woori’s payment processes were required.
The service – currently available through Woori WON Banking mobile application – is an easy-to-use, money transfer service available 24/7. And while wire-to-ACH payments typically take one day to process, Woori’s customers can benefit from same-day settlements if the beneficiary banks with JPMorgan Chase in the U.S. Compared to the traditional method of payments through wire transfers, transaction fees are much cheaper. It also allows discounted exchange rates of 50% on the U.S. dollar and 30% on other currencies.
Woori Bank – one of the largest financial institutions in Korea with a sizeable business in the consumer-to-consumer (C2C) space – is the first retail bank globally to adopt the Xpedite Remit in the U.S. J.P. Morgan currently processes around 1,000 wire-to-ACH payments a month, helping the Korean bank not only attract retail customers who send cross-border payments into the U.S., but also upgrade its digital capabilities.
“With Xpedite Remit, we want to help banks capture new C2C flows as ultimately, this is a payment solution for banks to pay into multiple end-points in high-volume payment corridors. We will settle these payments in the fastest way possible, using real-time payment network in markets where we can. We will structure and package as many capabilities as required by our clients as it makes sense for the corridors and customer segments they serve,” said Gayathri Vasudev, global head of Xpedite Product and Solutions for Payments at J.P. Morgan.
