J.P. Morgan has become the first global institution to sign up for SWIFTs MyStandards, launched earlier this year as a platform helping firms facilitate the management of global standards and related market practices across the financial industry.
J.P. Morgan, which joined the pilot program for the solution last year, will use MyStandards for corporate cash management across all message types used by clients of the bank, including MT and MX messages, payment initiation and statements.
Other member firms of the pilot were BNY Mellon, Bundesbank (T2S), Citi, Clearstream, RBC Dexia (RBC Investor Services), SIX Group/SIS, UK Payments Administration MPG.
Through our experience with the MyStandards pilot weve seen firsthand the benefits available, specifically for cash management, and are pleased that both J.P. Morgan and our clients will benefit from this new tool, says Robert Blair, managing director of J.P. Morgan Treasury Services. By providing a straightforward way for our customers to access standard usage information we are enabling improved efficiency.
Conceptualized in the Innotribe incubator, the financial industry sandbox, MyStandards combines standards content with features enabling users to centralize and manage standards-related information. It supports the base FIN and ISO 20022 standards as well as market practice information.
MyStandards makes it very easy for financial institutions to describe their usage of standards across their business, says Marc Delbaere, head of Standards Research and Development at SWIFT. They can provide this information to their customers and partners in the simplest way, effectively making it easier to do business with them.
(CG)