JPMorgan Treasury Services has launched a new private-labelled payment integration product, Financial Services Integration (FSI).
FSI enables regional banks to integrate their payment systems more effectively with theircorporate customers’ Enterprise Resource Planning (ERP) systems, resulting in more efficient processing, reduced risk of errors and higher levels of straight through processing (STP). FSI empowers banks to keep up with their customers’ financial integration needs and remain
competitive in an increasingly global market.
JPMorgan’s FSI solution helps banks to expand their services while focussing on their core competences and minimising technology investment. Corporates benefit from improved automation, better control of cash positions and more efficient liquidity management. Banks using FSI receive payment instructions from their customers’ ERP systems via a secure Internet connection. FSI software routes transactions for processing and returns confirmations to the customer.
JPMorgan’s FSI solution provides an interface to a variety of ERP systems, full automation, security and payment integrity, comprehensive Management Information Systems (MIS) reporting, and technology and integration resources to help implement and support the service.
Roger Brown, Client Access Product Manager at JPMorgan Treasury Services, said, “The automation needs of corporate customers are quickly outpacing the ability of many banks to keep up with the necessary technological investment. FSI provides banks with a sophisticated and
cost-effective solution for integrating with their customers’ systems.”