JPMorgan has opened its International Image Deposit Center (“IDC”) in Tokyo, Japan.
The center will allow the bank’s financial institution clients to clear their U.S. dollar cash letters and to lower check transportation costs, all without changing their cash letter operations.
The Tokyo IDC, which allows financial institutions to initiate their cash letter processing, joins five other JPMorgan centers outside the United States. In Asia, JPMorgan has opened IDC’s in Seoul, Shanghai, Singapore, Mumbai, Hong Kong and now Tokyo.
“We are delighted to add Japan to our regional IDCs to ensure we continue providing our clients greater efficiencies in their business,” says Lisa Robins, JPMorgan’s Treasury Services APAC Head of Product Management.
The Tokyo location will enable financial institutions in Japan to streamline their check clearing processes, alleviating worries over potential delays or loss due to customs inspections. Clients will also be able to obtain the original paper check documents once the items clear.