JP Morgan Treasury Services (TS) www.jpmorgan.com/ts, a unit of JP Morgan Chase Bank, has announced the launch of a cross border intra-day cash sweeping service. This service will allow JP Morgan’s customers to benefit from intra-day cash concentration and the opportunity to enhance returns on surplus liquidity.
Sweeping, the automated movement of funds between a subsidiary account and a concentration account has traditionally only been an end-of-day event for banks and, therefore, for their clients. JP Morgan’s new intra-day cash sweeps, based on real-time account balances at a particular time in the day, provide important flexibility for clients. Intra-day cash sweeps can be scheduled and completed prior to other important cut-off times, such as those applicable at the concentration account location or, perhaps, those relating to an onward investment opportunity before markets close.
As an additional benefit, JP Morgan clients may no longer need to have large credit lines in place for their concentration accounts in order to support intra-day payments and investments. The service is available on a cross border basis in Europe and the US for both US dollars and euro.
St John Potter, Liquidity & Investment Manager, Emea, for JP Morgan TS comments, “This is a significant breakthrough for liquidity managers. The ability to accurately concentrate cash on an automated, intra-day basis coupled with automated connectivity to market-leading products such as JP Morgan Fleming Asset Management Liquidity Funds, means that JP Morgan Treasury Services can offer truly automated and integrated liquidity and investment solutions to its clients on both a regional and a global scale.”