JPMorgan will make a $30 million technology investment to implement acentralised operating platform supporting expansion of the bank’s globaltreasury management and liquidity services businesses.
This core banking service will bring uniformity to the firm’s productofferings, enable JPMorgan to offer a consistent set of services acrossthe world, and utilise robust infrastructure to deliver richer data andreal-time reporting to clients. Work has begun to deploy the platformwith pilot efforts planned for later this year.
JPMorgan will work with Temenos, a global provider of banking softwaresystems, to implement the new platform. In addition to this $30 millioncommitment, the firm will make additional significant technologyinvestments to support international expansion.
“The global marketplace is where we expect to see significant growth inour business going forward, and we recognise that having the most robusttechnology capabilities possible will be a key driver in achieving ourgoals. We are making a significant investment in our technology in order to support our clients’ businesses around the world. Working with an industry-leading software provider like Temenos will enable us to meet our clients’ evolving needs, regardless of where they do business,” says Sue Webb, executive vice president, global core cash management, JPMorgan Treasury Services.
“We are proud to support JPMorgan’s expansion by providing a platformthat allows them to continue to distinguish themselves through theirglobal banking services. With the growing world economy, being able to offer mission-critical applications that enable world-class banks like JPMorgan to offer their clients one view into their global businesses is more important than ever. We look forward to supporting JPMorgan, helping them to deliver a dynamic, market-leading solution to their clients around the world,” adds Andreas Andreades, CEO, Temenos.
JPMorgan will use Temenos’ T24 Model Bank application, which includespre-configured products and processes that reduce implementation timeand costs, minimises customisation and lowers project risk.