Cuscal Partners with J.P. Morgan to Provide FX Services

More than 100 Cuscal financial services customers to benefit from new FX payments solution

Sydney, 10 May 2010 - One of Australia's leading providers of wholesale transactional services to specialist retail financial institutions, Cuscal, has partnered with J.P. Morgan to provide its customers with a new platform to facilitate the payment and receipt of foreign currency.

The new platform will provide Cuscal's customers, including the majority of Australia's credit unions, with the ability to offer international payment transfers as a retail banking service to their members at competitive foreign exchange rates and with low transaction fees.

The service, which became operational in April 2010, is forecast to clear 70,000 inbound payments in the first year.

The new partnership leverages a longstanding relationship between Cuscal and J.P. Morgan.

The two parties worked together to develop a solution which takes into account Cuscal's unique customer requirements. By outsourcing foreign exchange and international payments execution to J.P. Morgan, Cuscal will offer customers all the functionality of a complete international payments platform without the overheads associated with running a complex global network of correspondent banks.

Adrian Lovney, General Manager, Cuscal, said offering a world-class international payment solution was important to accommodate greater consumer demand, brought about by greater mobility of people around the world and more online shopping.

"As business becomes increasingly global, partnering with J.P. Morgan now gives customers access to a complete international payments solution working with a brand we have trusted for many years.

"We aim to provide a world's best practice FX solution to our customers and J.P. Morgan's willingness to work closely with us throughout the development and implementation of the solution provided important industry expertise on best practice in international clearing," said Mr. Lovney.

All settlement between J.P. Morgan and Cuscal will occur in Australian dollars. Cuscal is also able to integrate with its existing general ledger and banking platforms, reducing development cost and simplifying operational support.

Mr Tony O'Neill, Head of Treasury Services Australia & New Zealand at J.P. Morgan, said that as the market leader in international cash management products J.P. Morgan was ideally placed to assist Cuscal in extending its comprehensive domestic payment suite to include a full cross border, foreign currency clearing offering.

"We are delighted to extend our existing relationship with Cuscal. Our aim is to partner with our longstanding institutional clients to tailor new solutions that will help clients take their business to the next level," said Mr. O'Neill.

About Cuscal
Cuscal is a leading business-to-business provider of wholesale banking and transactional banking services in Australia. Servicing more than 100 specialist retail financial institutions, including the majority of Australia's credit unions, Cuscal processes more than 100 million electronic banking transactions each year and manages the assets of a customer base with a collective balance sheet of more than $30 billion. For more information go to www.cuscal.com.au

About J.P. Morgan Treasury Services
The Treasury Services business of J.P. Morgan is a top-ranked, full-service provider of innovative payment, collection, liquidity management, trade finance, commercial card and information solutions to corporations, financial services institutions, middle market companies, small businesses, governments and municipalities worldwide. With more than 100,000 clients and services provided in more than 60 countries and 40 US states, J.P. Morgan Treasury Services is one of the world's largest providers of treasury management services and a division of JPMorgan Chase Bank, N.A., member FDIC. More information can be found at www.jpmorgan.com/ts.

About JPMorgan Chase & Co.
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of US$2.1 trillion and operations in more than 60 countries. The firm is a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset management and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of consumers in the United States and many of the world's most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com

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