JPMorgan Treasury Services has introduced a euro bank-to-bank reimbursement processing system in its Bournemouth, U.K. operations center. Combining euro and USD reimbursement processing, the system provides 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," according to Paul Simpson, global head of trade services at JPMorgan Treasury Services.
The new bank-to-bank reimbursement system, which relies on Web-based thin-client technology and possesses automated data mapping capabilities, provides straight-through processing, automated discrepancy tracing, automatic debit and credit advising, and automated pre-debit notification messaging.
By linking to JPMorgan's Trade Information Exchange (TIE) system, the reimbursement system enables banks to view the real-time status of the entire suite of their euro and USD trade products processed at JPMorgan. This information is accessible via the Internet from anywhere in the world.
The TIE system provides multi-access downloading of customized reports on a client's trade finance activity from a browser-based global retrieval system. Customers have the ability to perform inquiries 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 authorized trade chain partners. Trade clients have access to a full range of letters of credit, documentary collection, purchase order and courier inquiry data regardless of geographic location.
A unit of JP Morgan Chase Bank, JPMorgan Treasury Services provides global payment, trade finance and treasury services management solutions to corporations, financial services companies and government entities worldwide.
A leader in U.S. dollar and cross-border payments, JPMorgan Treasury Services processes as much as $1.9 trillion in U.S. dollar wire payments daily and is the number-one ACH originator.