JPMorgan Offers Its Trade Finance Tools To Other Banks

JPMorgan Treasury Services is offering its correspondent banking partners a new set of trade finance tools called TradeOPT. The bank says the tools aim to enable banks to meet all aspects of their customers' trade finance needs from traditional services,

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JPMorgan Treasury Services is offering its correspondent banking partners a new set of trade finance tools called TradeOPT.

The bank says the tools aim to enable banks to meet all aspects of their customers’ trade finance needs – from traditional services, like letters of credit, to electronic solutions. TradeOPT is designed for customers ranging from regional to multi-country global entities, and the offering runs the gamut from correspondent relationship to complete solution provider.

“Unlike some financial institutions, JPMorgan is not competing with its correspondent customers, and is instead focused on partnering with them in their success,” says Bruce Proctor, senior vice president and global head of trade services, JPMorgan. “Through the TradeOPT suite of trade finance solutions, financial institutions can significantly reduce overhead, while maintaining a presence in the ever-competitive global trade business. And by partnering with JPMorgan, they can take full advantage of our economies of scale, global reach, premier technology, international reputation and vast experience.”

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