New Payment Scheme Simplifies Cross-Border Transactions in Europe
London, October 19, 2009 - J.P. Morgan's Treasury Services business today announced that it is helping its clients to enhance European receivables management by introducing SEPA Direct Debit (SDD) services on November 2nd, 2009, the inaugural day of the latest SEPA scheme. Financial institution and corporate clients of J.P. Morgan will be able to participate in both the core business-to-consumer and business-to-business schemes.
SEPA Direct Debit is the world's first pan-regional cross-border direct debit instrument and provides clients with a simple and cost-efficient way to collect high volume payments in Europe. The SDD offers many benefits to corporates including:
J.P. Morgan clients making or receiving payments can domicile accounts in any of J.P. Morgan's European branches, and transaction activity can be monitored via the firm's online tool, J.P. Morgan ACCESSSM. J.P. Morgan's capabilities are ready a year before the deadline proposed by EU regulation on Cross Border Payments No. 924/2009, which requires Eurozone banks to offer payments via SDD to their clients by November 1st, 2010.
"J.P. Morgan has supported SEPA as an initiative to standardise payables and receivables in Europe, and the SEPA Direct Debit is the next logical step in its evolution. As all Eurozone banks will be reachable by SDD by late 2010, corporates can now start preparing to reap the benefits of this new payment instrument which will help centralise and standardise high volumes of collections," said Alex Caviezel, head of J.P. Morgan Treasury Services in Europe, Middle East and Africa. "SDD adoption will result in process efficiencies which should boost competitiveness in today's challenging markets. J.P. Morgan has seen a great deal of interest in this service from clients in recent months, and we expect that to continue as SEPA continues to build momentum."
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 50,000 clients and a presence in 39 countries, 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 $2 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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