JP Morgan Treasury Services, a unit of JP Morgan Chase has announced the implementation of an innovative new euro bank-to-bank reimbursement processing system in its Bournemouth, UK operations centre. This proprietary system integrates euro and dollar reimbursement processing on the same operating platform, allowing dual-site processing capabilities, including common service standards, pricing parameters and functionality.
“This new system is a key component of JP Morgan 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,” explains Paul Simpson, global head of trade services, JP Morgan Treasury Services. “As one of the largest providers of bank-to-bank reimbursements in the world, JP Morgan is committed to maintaining its position as leader in this area and staying well ahead of the competition.”
JP Morgan’s 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.
- Automated pre-debit notification messaging.
In addition, this system offers an interface to JP Morgan’s Trade Information Exchange (TIE) system, enabling financial institution customers to view the real-time status of the entire suite of their euro and dollar trade products processed at JP Morgan. This information is accessible via the internet from anywhere in the world.
JP Morgan’s TIE provides multi-access downloading of customised reports on a client’s trade finance activity from a browser-based global retrieval system. Customers have the ability to perform enquiries 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 JP Morgan and authorised trade chain partners. Trade clients have access to a full range of letters of credit, documentary collection, purchase order and courier enquiry data regardless of geographic location.