JPMorgan Treasury Services announced today that it implemented a euro bank-to-bank reimbursement processing system at its Bournemouth operations centre in south-western England.
The system integrates euro and US dollar reimbursement processing on the same operating platform, allowing dual-site processing capabilities, including common service standards, pricing parameters and functionality.
“This new system is a key component of JPMorgan Treasury Services’ growth strategy and provides a dynamic platform to further integrate trade and cash Management product capabilities, as well as deliver vital information to clients in ways that offer greater time and cost savings,” explains Paul Simpson, Global Head of Trade Services, JPMorgan Treasury Services. “As one of the largest providers of bank-to-bank reimbursements in the world, JPMorgan is committed to maintaining its position as leader in this area and staying well ahead of the competition.”
Morgan says the platform provides straight-through processing; automated discrepancy tracing; automatic debit and credit advice; and automated pre-debit notification messaging. In addition, the system offers an interface to JPMorgan’s Trade Information Exchange (TIE) system, enabling customers to view the status of all their euro and US dollar trade products with JPMorgan in real time. This information is accessible via the Internet.
JPMorgan’s TIE provides multi-access downloading of customised reports on a client’s trade finance activity from a browser-based global retrieval system. Customers have the ability to perform enquiries and obtain the real-time status of trade transactions, letter of credit history and text, items currently in processing, and related accounting information. In addition, it offers a secure e-mail capability to communicate with JPMorgan and authorised trade chain partners. Trade clients have access to a full range of letters of credit, documentary collection, purchase order and courier enquiry data regardless of geographic location.