JP Morgan Chase and GE Commercial Finance have joined forces to offer accounts receivable purchasing solutions to JP Morgan Chase’s trade finance clients in the US, Canada, Mexico and Latin America.
Through a referral programme, JP Morgan Chase Global Trade Services, part of the firm’s treasury services business, can now offer its customers GE Commercial Finance cross-border accounts receivable purchasing solutions. By selling accounts receivable on a non-recourse basis, clients can increase liquidity and eliminate payment risk.
“To fulfil the immediate needs of our clients and further deepen our trade and logistics offering, JP Morgan Chase is partnering with industry expert GE Commercial Finance to address the significant market demand for receivables financing,” explains Bruce Proctor, senior vice-president, Global Trade Services product executive, JP Morgan Chase.
Paul DeDomenico, senior managing director, working capital solutions, GE Commercial Finance adds: “GE Commercial Finance’s market-leading cross-border structured trade finance solutions are built on world class risk management and global infrastructure. As a global provider, we bring local knowledge, deep industrial expertise, and extensive compliance and regulatory knowledge.”