Taiwan-based MediaTek Inc. has selected J.P. Morgan to provide cash management services to streamline the company’s cross-border payments and collections processes.
Through one centralised account in Hong Kong, and linked directly into MediaTek’s financial accounting system, the customised cash management solution seamlessly enables faster payment and receivables from locations across the U.S. and Asia Pacific, including China, Hong Kong, India, Japan, Korea and Singapore.
The account in Hong Kong functions as the main U.S. dollar payment and collection account and all payments and collections are centralized via J.P. Morgan’s global payment platform; PaySource. The customised solution expedites the automatic reconciliation of payments and collections, and provides MediaTek with a consolidated, live view of client receivable payments. The resulting benefits of these simplified collection and automated reconciliation processes include greater transparency and improved risk mitigation.
“We are proud to be chosen by MediaTek, one of the world’s fastest-growing technology companies. Through the use of our unique technology along with our deep understanding of the client’s cash management flows, we were able to develop a customised solution that meets the client’s needs and can evolve as the business continues to grow,” said Simon Jones, regional Treasury Services executive – Asia Pacific at J.P. Morgan.
MediaTek plans to extend this integrated payments and collections solution to all of its overseas subsidiaries.
D.C.