J.P. Morgan Significantly Advances $1 Billion Expansion Initiative to Deliver
Global Banking Solutions with Local Expertise
New York, October 5, 2009 - J.P. Morgan's Treasury Services business, a full-service provider of cash management, trade finance and treasury solutions, today announced that it has achieved significant advancements in the three-year $1 billion global investment plan that it announced last year. As part of its expansion initiative, J.P. Morgan has expanded its global footprint, invested in new technology solutions and services around the world, and enhanced its cash management and treasury liquidity capabilities in numerous markets. This investment makes it easier for J.P. Morgan clients to collect, move, concentrate and invest their cash internationally.
J.P. Morgan helps organizations achieve their global financial goals by offering integrated solutions for cash management, trade, escrow, foreign exchange, liquidity and card services. Expanding J.P. Morgan's capabilities and services enables clients to become more efficient across different currencies and across their own global footprint. The expansion plan reflects J.P. Morgan's ongoing commitment to bringing global payment capabilities and expertise to clients locally.
"As our corporate clients increasingly compete in international markets, they seek a trusted banking partner that can deliver local expertise in foreign markets as well as provide support on a global scale," said Melissa Moore, CEO of J.P. Morgan's Treasury Services business. "J.P. Morgan will continue to invest in global and local capabilities that will enable clients to operate more efficiently worldwide."
Global Expansion
J.P. Morgan has expanded its geographic footprint by opening full service branches in Brazil, South Korea, and in Guangzhou and Chengdu, China. Additional locations are planned in 2010 for China and South Asia.
New Technology Solutions and Services
J.P. Morgan continues to invest in new technology solutions and services worldwide. Some highlights:
- The company is investing in a fully integrated liquidity platform that will provide web capabilities to clients for greater transparency into their cash and investment balances. Clients will be empowered to manage their cash concentration structures, time deposit investments, and enhance operating efficiency through a more streamlined process. The platform is designed to help clients optimize their global liquidity and investment requirements.
- In Europe, J.P. Morgan recently launched new payables and receivables capabilities in the Baltic and Nordic regions through both urgent payments and non-urgent local ACH channels. This brings the total number of European countries to twenty in which J.P. Morgan clients can transact domestic clearing.
- J.P. Morgan now offers trade and supply chain solutions that help clients facilitate import and export activities in nearly 40 countries. New trade locations opened in 2009 include Saudi Arabia and three cities in China -- Chengdu, Guangzhou and Tianjin.
- J.P. Morgan has introduced its Receivables Edge solution in Asia Pacific. This unique web-based accounts receivable management application enables clients to better manage their receivables and collections processes through greatly improved transparency and a workflow tool to manage and improve the exception process.
- J.P. Morgan recently launched Escrow Services in Australia and Singapore. J.P. Morgan's customized end-to-end Escrow services help customers better manage financial risk associated with a range of business transactions, such as mergers and acquisitions, initial public offerings, and import and export payments. J.P. Morgan also offers Escrow services in Brazil, China, Hong Kong, India, the United Kingdom and the United States and plans to offer the service in additional financial centers throughout Europe and in other Asian countries in the coming year.
- J.P. Morgan recently introduced its Unitized Time Deposit Program in India, an investment solution that automatically sweeps clients' non-interest bearing Indian rupee (INR) operating account balances into time deposits, enabling clients to maximize yield on short-term cash holdings. The program enables clients to manage unpredictable daily cash flows more efficiently.
Continued Investment in Product Enhancement
J.P. Morgan also continues to strengthen its existing product offerings by adding new features and capabilities. Highlights include:
- The company recently expanded its foreign exchange services to support execution of payments in more than 140 currencies.
- J.P. Morgan now offers commercial card programs in more than 45 counties worldwide to help clients improve visibility into procurement and travel and expense spending.
- J.P. Morgan has enhanced its U.S Dollar Clearing - Asia Direct solution to further assist clients seeking the fastest and most efficient means of making U.S. dollar payments to banks in Asia. As part of the enhancements, clients now have direct access to a larger number of banks. The solution enables clients to keep liquidity in the region, clear in multiple regional infrastructures, consolidate cash balances and benefit from same-day finality.
- In Asia Pacific, J.P. Morgan has enhanced its domestic cash management and trade finance service offering in India and recently launched its liquidity concentration and enhanced domestic cash management capabilities in South Korea. Additional expansion in the region is planned for 2010.
- J.P. Morgan expanded its integrated receivables capabilities for both paper and electronic transactions across Canada, providing a one-stop process for U.S. and Canadian account holders. The firm also has enlarged its lockbox network in Canada, delivering processing services coast-to-coast. In addition to its Toronto location, J.P. Morgan now offers processing sites in Vancouver, Calgary, Winnipeg, Montreal and Halifax.
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 the world's largest provider 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
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.0 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 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 the firm is available at www.jpmorganchase.com.
