J.P. Morgan obtains Tier 1 direct clearer status for Australia
Mar 19, 2012
Sydney – J.P. Morgan Treasury Services today announced it has become a Tier 1 direct clearer in Australia for direct entry payments.
The Tier 1 status within the Australian Payments Clearing Association (APCA), which will be effective in Q3 2012, will enhance J.P. Morgan’s domestic processing capability and the firm will no longer be required to clear low value electronic payments through a third party clearing bank.
Nadia Schiavon, Head of Treasury Services Australia and New Zealand, said the Tier 1 status would provide significant benefits to the firm’s clients.
“We are very pleased to announce this Tier 1 status for our Australian clients, who will see benefits such as improved daily cut-off times, the introduction of additional exchanges with the market and a resilient transaction processing framework. From J.P. Morgan’s perspective, it means we are no longer dependent on third party clearing systems for transaction processing and it also gives us a head start on meeting a range of new industry imposed intra-day settlements which are due to come into force in 2013/14,” she said.
J.P. Morgan’s Treasury Services business provides cash management, trade, liquidity and escrow services to corporate and institutional clients with services specifically developed to meet the modern challenges faced by treasury professionals.