J.P. Morgan Treasury Services, a provider of cash management, trade finance and liquidity solutions, has launched a number of offerings to help financial institutions streamline global payment processing, improve efficiency and mitigate risk. This highlights J.P. Morgan’s continued expansion of its clearing business as the Bank widens its direct clearing network.
Donald McCree, Chief Executive of J.P. Morgan’s Treasury Services business, said, “It is imperative to continue to invest in Treasury Services to ensure our solutions, service and technology are market-leading and best meet our clients’ needs. We have kept up our level of investment, even during the market uncertainty in the last two years, and will continue to do so. These offerings will help us ensure we continue to be placed as an industry leader in Treasury Services.”
The solutions available to J.P. Morgan’s clients are:
Direct Clearing of High Value Payments
As the world’s largest clearer of U.S. dollar payments and a direct clearer of Brazilian real and Russian rouble, for example, J.P. Morgan continues to build on its expertise and has added several new currencies to its clearing capabilities. Clients can now make high value payments directly through J.P. Morgan in UK sterling and Chinese renminbi. Additional currencies for which J.P. Morgan will be a direct clearer this year include Mexican peso and Saudi riyal. By acting as a direct clearer, J.P. Morgan helps clients deliver payments with greater speed and reliability.
Indirect Euro Clearing Services
Since the launch of Single Euro Payments Area (SEPA) two years ago, J.P. Morgan has been an industry leader in finding solutions to help clients benefit from the market initiative. J.P. Morgan has launched its new Indirect Euro Clearing Services, through which financial institutions are now able to take full advantage of SEPA and TARGET2 clearing schemes without the costly infrastructure investment. J.P. Morgan’s Indirect Euro Clearing Services enable clients to offer the solution to their own clients without the need to invest or divert significant resources at times when volumes may not justify the investment. Clients also gain marketplace visibility within the TARGET2 and SWIFT BIC directories.
New iDDA Platform
iDDA (International Demand Deposit Account) is a new platform that will offer J.P. Morgan’s clients a consistent cash account experience across all regions outside the U.S. It is already live in eight countries in Asia and Europe, including the UK, with rollout to additional markets expected to be completed in early 2012. Immediate benefits have been delivered through improved statement data, local language options and enriched SWIFT message details. The single ‘model bank’ platform design ensures product enhancements are easier and faster to implement across all locations. iDDA will become the bank’s system of record for all intra-day balance and transaction data, ensuring customers receive complete, accurate and synchronized real-time data, whether via electronic banking channels, integrated liquidity and investment solutions or customer service support.
Expanded Coverage in Asia
J.P. Morgan last week announced it enhanced its U.S. Dollar Clearing – Asia Direct solution to further assist clients seeking fast and efficient means of making and receiving U.S. dollar (USD) payments to and from banks in Asia. Clients now have direct access to a larger number of banks as the solution’s coverage, which includes China, Hong Kong, Taiwan and Japan, has been expanded to direct members of the Philippines’ Domestic Dollar Transfer System (PDDTS). In addition, clients that once could only make USD payments to Asia are now also able to receive USD wire payments through the local USD clearing systems without maintaining a USD account within Asia.
D.C.