JPMorgan Worldwide Securities Services is launching JPMorgan CustodyConnect. The product provides technology and processing services for financial institutions that already offer custody and related services in their local and regional markets, but want to expand their offering while maintaining a high level of client service.
Swedbank, the Swedish financial institution, is the first bank to use JPMorgan CustodyConnect.
JPMorgan claims CustodyConnect enables financial institutions to continue offering custody and related services to their clients while reducing their proprietary investment in infrastructure, such as core custody platforms, global sub-custodian networks and applications.
These institutions can offer JPMorgan’s operational and technical expertise for post-trading services, including trade capture, processing, asset servicing and reporting, while retaining responsibility for sales and marketing, relationship management and client servicing. The modular approach means financial institutions can choose what services they need, while reducing their operational burden.
The clients of JPMorgan CustodyConnect users will have access to JPMorgan Worldwide Securities Services’ client-facing technology and processing capabilities, in a smooth transition, JPMorgan says. JPMorgan Worldwide Securities Services last year spent $600 million on technology.
Mike Clark, CEO of JPMorgan Worldwide Securities Services, says, “JPMorgan CustodyConnect enables financial institutions, such as Swedbank, to better compete with their peers by giving them access to state of the art processing and reporting tools. We look forward to continuing our long-standing relationship with Swedbank by providing them with this forward-thinking service.”
Birgitte Bonnesen, senior vice president, Swedbank Markets, says, “JPMorgan has been a trusted partner of ours for over seven years. It was therefore a natural step for us to look to JPMorgan when we decided to take steps to reinvent our custody product offering. JPMorgan has responded with a vast amount of global expertise, willingness and innovative thinking in helping us develop a product offering that will be competitive now and in the future.”