JPMorgan Treasury Services has reached an agreement with Vastera,a provider of trade management software, to create a so-called Global Trade Management (GTM) solution.
Vastera technology aims to automate the processes associated with moving goods across borders. It ensures companies comply with country-specific trade regulations, manages duties, taxes and fees that generate international shipping documents, and collaborates with trading partners- electronically.
“We are excited to announce this new alliance with Vastera, which spans the spectrum from software to fully outsourced services. This forms part of our Value Chain Management business model, to offer an end-to-end solution to our clients,” says Paul Simpson, Global Trade, Procurement and Card Services Business Executive for JPMorgan Treasury Services. “The Vastera offering provides a completely complementary service to our suite of financial supply chain services and we are confident that we can remove significant costs and enhance efficiencies for our clients.”
Morgan says that the Brookings Institute has estimated that the cost of slowing the delivery of imported goods by one day could amount to $7 billion per year. By combining their offerings, JPMorgan and Vastera plan to help firms become more efficient and reduce shipment delays and exposure to potential fines.
“Our relationship with JPMorgan helps us to provide our clients with increased value through reduced cost and improved inventory and cash cycle times,” says Mark Ferrer, President and CEO of Vastera. “Working with JPMorgan Treasury Services aligns Vastera with a global leader in treasury management and trade finance. The combined service offerings provide clients with unique supply chain management capabilities and a significant competitive advantage.”