J.P. Morgan has enhanced its U.S Dollar Clearing – Asia Direct solution to further assist clients seeking the fastest and most efficient means of making U.S. dollar payments to banks in Asia, the bank says.
As part of the enhancements, clients now have direct access to a larger number of banks as the solution’s coverage has been expanded to members of Japan’s Tokyo Dollar Clearing system. In addition, J.P. Morgan has invested in an intelligent routing technology which streamlines processing and speeds settlement by enabling the fastest channel for delivery.
J.P. Morgan’s U.S. Dollar Clearing – Asia Direct provides direct access to multiple regional and in-country U.S. dollar clearing systems in China, Hong Kong, Japan and Taiwan from a single U.S. dollar account. Clients are not required to establish separate accounts in each country of clearing, resulting in better cash concentration, lower fees, simplified funding arrangements and decreased time spent on reconciliation activities, according to the organization.
“Clients are able to capitalize on the significant growth in payment flows to and across Asia with U.S. Dollar Clearing – Asia Direct,” says Abdul Roaf Latiff, Asia Head of Treasury Services Clearing and Foreign Exchange, J.P. Morgan Treasury Services. “By expediting their payments, our clients also are positioned to improve their relationships with customers, counterparties and suppliers, and thus negotiate better terms.”
“As the largest U.S. dollar clearing bank in the world, J.P. Morgan continues to bring expertise, innovation and value to clients conducting business in the Asia Pacific,” says Greg Murray, product executive, U.S. Dollar Clearing, J.P. Morgan Treasury Services.