J.P. Morgan (New York) announced today that it has expanded its treasury services and escrow service operations in Canada and South Korea, respectively.
In Canada, J.P. Morgan Treasury Services has expanded services by introducing new check image and check printing capabilities. J.P. Morgan says the expansion will help clients further streamline internal processes related to payables and check disbursement management.
"Clients are increasingly looking for a single bank solution to help them operate more efficiently," Amy Altersohn, vice president, J.P. Morgan, said in a press release. "By enhancing our current payables capabilities in Canada with new check image archive and check printing services, clients are able to further automate treasury tasks, strengthen control of operations, and improve access to information."
The new check image archive provides clients with the ability to view images of paid Canadian dollar and U.S. dollar checks drawn on a J.P. Morgan Toronto account using a secure online interface, the company says. In addition, new search criteria will let users access check images organized by clearing date, serial number or check amount.
J.P. Morgan also announced on Tuesday that it has expanded its escrow services into South Korea, furthering its expansion into the Asia Pacific region. J.P. Morgan Escrow aims to help clients mitigate risk associated with business transactions such as mergers and acquisitions, initial public offerings, import and export payments, collateral trusts for reinsurance, and construction project funding, the company says.
"J.P. Morgan's Escrow services have been very well received in the Asia Pacific region. We remain focused on serving the evolving needs of our clients and helping them close their transactions quickly, accurately and securely through the use of Escrow accounts," Rocky Motwani, escrow and bankruptcy services global executive for J.P. Morgan Treasury Services, said in the release.
J.P. Morgan already offers Escrow services in Australia, Brazil, China, Hong Kong, India and Singapore, the United Kingdom and the United States. In addition to the escrow expansion, J.P. Morgan Treasury Services recently launched its liquidity management services with multi-bank sweep capabilities in South Korea, and also enhanced its domestic cash management capabilities with a new Korean language internet banking platform for fund transfers.