JPMorgan Treasury Services Expands Paper And Electronic Transactions Capabilities

JPMorgan's Treasury Services business, a full service provider of cash management, trade finance and treasury solutions, has expanded its integrated receivables capabilities for both paper and electronic transactions across Canada, providing a one stop process for US and Canadian account

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JPMorgan’s Treasury Services business, a full-service provider of cash management, trade finance and treasury solutions, has expanded its integrated receivables capabilities for both paper and electronic transactions across Canada, providing a one-stop process for US and Canadian account holders. With this new capability, clients can optimize the efficiency of their receivables throughout North America.

The firm has also enlarged its lockbox network in Canada, delivering processing services coast-to-coast. JP Morgan now offers processing sites in Vancouver, Calgary, Winnipeg, Montreal and Halifax. These additional partner sites, in conjunction with the bank’s existing Toronto processing facility, significantly bolsters JPMorgan’s wholesale lockbox network. When combined with the bank’s Web-based accounts receivable management application, Receivables EdgeSM, clients can now access a consolidated view of their collections across the US and Canada. JPMorgan is one of the only banks to offer this solution.

“JPMorgan is pleased to have expanded its services in Canada, making it possible for US and Canadian clients to process and centralize paper checks and electronic transactions posting on both sides of the border,” says Francois de Lara, executive director, JPMorgan Treasury Services. “We continue to demonstrate our payments leadership role by now offering clients the ability to integrate all of their North American collections transactions into their accounts receivable system, providing automated and streamlined receivables posting processes.”

Receivables Edge automatically matches open invoice records to bank captured payments and remittance detail, including checks, ACH (EFT in Canada) and wire transfers. Receivables Edge’s Data Enrichment services provide tools to augment paper and electronic payments with additional detail that improves straight-through processing, reduces the cost of exceptions and accelerates cash posting. JPMorgan was the first bank to offer a fully integrated online Web presentment solution. Receivables Edge has been called the best example of a fully leveraged integrated receivables solution by Celent Communications.

Key features and benefits of JPMorgan’s expanded lockbox / receivables applications:

– Simplifies accounting processes by consolidating US dollar and Canadian dollar checks and electronic transactions into the currency of choice and depositing into one DDA or into separate accounts in their original currency- Shortens cash application cycle through automated posting of remittance detail to client’s accounts receivable systems using one consolidated posting file containing Canadian and US remittance information- Combines optimally located Canadian sites with JPMorgan’s lockbox facilities across the United States, resulting in remittances spending less time in the postal systems, thus improving client cash flow.

“In making these expanded receivables services available to our clients, JPMorgan continues its global expansion efforts as we work to deliver innovative services that enable clients to operate more efficiently wherever they do business,” explained Sue Webb, executive vice president and product executive, Global Cash Management, JPMorgan Treasury Services. “As a leader in receivables processing, we remain committed to ensuring that our clients have the best products and services available in an increasingly globalized marketplace.”

D.C.

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