Starting October 14, 2019, APAC and EMEA branches will be implementing process enhancements for Cash Concentration Sweep, Intercompany Interest and Tax Settlement transactions. These enhancements, which will be deployed in APAC and EMEA, are designed to provide consistency in reporting of our cash concentration services across locations.
On this page, you will find the specific changes that will be occurring. Please review them carefully and share them with the appropriate individuals in your organization.
Important: If your firm uses data from J.P. Morgan within your internal systems or electronically reconciles information, it is particularly important that you are aware of the impact and adjust your processes accordingly.
Please bookmark this page and check for periodic updates.
Sweep structures will be migrated at the customer level, and the migration will occur over three phases. If you have questions regarding your migration date, please contact your Client Service/Sales representative.
Starting October 14, 2019, we will be deploying these enhancements to all sweeps for clients assigned to this phase in the following locations:
APAC: Australia, Hong Kong, New Zealand, Philippines, Singapore and Taiwan
EMEA: Belgium, France, Germany, Ireland, Italy, Luxembourg, Netherlands, Spain, Switzerland and United Kingdom
Phase 2 of our deployment starts January 20, 2020 and will apply to all sweeps for clients assigned to this phase in the following locations:
APAC: Australia, China, Hong Kong, Japan, New Zealand, Philippines, Singapore and Taiwan
EMEA: Belgium, France, Germany, Ireland, Italy, Luxembourg, Netherlands, Spain, Switzerland and United Kingdom
Phase 3 of our deployment starts May 18, 2020 and will apply to all sweeps for clients assigned to this phase in the following locations:
APAC: Australia, China, Hong Kong, India, Indonesia, Japan, Korea, New Zealand, Philippines, Singapore, Taiwan, Thailand and Vietnam
EMEA: Belgium, France, Germany, Italy, Luxembourg, Spain, Switzerland and United Kingdom
LATAM: Mexico
NA: Canada
The final phase of our deployment will occur in the third quarter of 2020 and will apply to all participant locations in Malaysia — Kuala Lumpur and Labuan. This phase applies to all participant locations in the following locations:
APAC: Australia, Hong Kong, India, Indonesia, Japan, Korea, Malaysia, Singapore and Thailand
EMEA: France, Italy, Luxembourg, Spain, Switzerland and United Kingdom
LATAM: Mexico
NA: Canada
Standardized transactional narratives will be implemented for your Cash Concentration Sweep, Intercompany Interest and Tax Settlement transactions on your accounts maintained with the impacted J.P. Morgan impacted branches in APAC and Europe for your existing and any incremental sweeps.
Descriptive text for your branch sweep accounts will be updated on the following information reporting services:
Post these enhancements, there will be minor narrative changes on both the Participant and Master accounts. All sweep transactions will continue to report a SWIFT code of CMZ and BAI code of 275/575.
Minor changes in descriptive text formatting for sweep, intercompany interest and tax transactions may affect clients that parse data using formatted text reports or data files. If you currently parse data from formatted text reports or data files for use with your enterprise resource planning/treasury management systems, or other internal application(s), some modifications may be required to accommodate modified formatting in descriptive text for these transactions.
Below you will find the narrative samples for your assessment:
These narratives are merely samples for each of the digital channel types. Transactions and narratives may differ from the samples provided. Target state samples reflect transactions that occur in the Participant account.
The samples provided are in PDF format, and therefore cannot be used as data files.
There will be no change to published sweep timings.
There will be no change to existing billing codes for your sweeps.
We will continue to support back valuation up to 13 months.
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