At Sibos last week JPMorgan Chase said that they had completed the second phase of the Society for Worldwide Interbank Financial Telecommunication (SWIFT) global payments network’s Exception and Investigations (E&I) pilot initiative.
JPMorgan Chase has now adopted the new XML based protocol as the standard for automating the processing of E&I messages pertaining to funds transfers.
“JPMorgan Chase is pleased to have completed the pilot program testing SWIFT’s new E&I initiative, and to have implemented it as our standard protocol,” says Edward B. Wolfe, a vice president and senior product manager of US dollar clearing for JPMorgan Chase & Co.’s treasury services unit. “The pilot program successfully demonstrated the substantial efficiencies that can be achieved through automation of the E&I process, which reduces manual processing, thereby leading to better service and lower costs for our clients.”