Headquartered in the U.S., with operations around the world, Afton Chemical Corporation develops and manufactures petroleum additives including driveline, engine oils, fuels, industrials and metalworking additives. Afton is a subsidiary of NewMarket Corporation, a firm concentrating in specialty chemicals.
Afton significantly expanded its presence in India in recent years, in tandem with the rapidly developing economy. The firm’s primary focus in India is marketing and distributing petroleum and lubricant additive products, with operations in Mumbai and Hyderabad.
As Afton deals with large amounts of imports into India, it faces substantial challenges in managing cross-border and tax payments due to the country’s highly regulated environment. They include:
Afton was looking for an automated solution that would allow it to manage the huge volume of documentation across its two locations in a better way, and reduce reliance on highly manual processes.
J.P. Morgan introduced Afton to the Virtual Branch solution. It is a platform that allows the firm to manage cross-border and tax payments digitally. It fully integrates with its existing banking platform. The solution enabled Afton to:
The Virtual Branch is accessible via J.P. Morgan Access®, which means Afton employees can leverage existing user IDs, passwords and tokens to log on to the platform. The firm can also create different user-level entitlements based on specific user needs.
Thanks to the Virtual Branch solution, our staff can now spend their time on more value-added tasks. J.P. Morgan also provided us with the necessary training to ensure the solution was implemented in a fast and seamless manner.
The Virtual Branch has allowed Afton to automate cross-border and tax payments while also improving operational efficiencies through:
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