JPMorgan, a full-service provider of cash management, trade finance, and treasury solutions, introduced its Asia offshore clearing capability designed to expedite the time it takes to process payments from initiation to settlement. This new capability addresses the global trading needs of the bank’s financial institution partners and their customers, allowing them to keep liquidity in the region, clear in multiple regional infrastructures, concentrate their accounts and benefit from same-day finality.
“In the past, clearing US dollars out of Asia took a minimum of two days, costing businesses valuable opportunities to maximize their liquidity,” says Greg Murray, US Dollar Clearing product executive for JPMorgan Treasury Services. “With our new offshore clearing capability, JPMorgan has improved business processes by removing time zone challenges. Our clients can now make same day payments to beneficiary banks and expedite US dollar payments.”
JPMorgan allows client banks to access a larger regional banking network for inter-Asia payments, as well as to all formal USD settlement systems (FED and CHIPS). In addition clients benefit from better account consolidation and cash concentration, centralized credit management and simplified funding arrangements. No additional software or features are required to take advantage of these capabilities.
“As the leader in US dollar clearing, JPMorgan has brought its global reach, regional expertise and considerable resources to bear in ensuring that client banks can take advantage of the tremendous offshore clearing growth in Asia, and around the world,” says Murray. “Our market-leading payment services make it possible for client banks to improve service to their customers, while reducing payment expenses.”
D.C.