FX Payments application, MorganDirect Commercial, now available to Asia Pacific clients in
Hong Kong, Singapore and Mumbai
Osaka, October 25, 2012 – J.P. Morgan announced that MorganDirect Commercial (MDC), a web-based application for FX payments including execution, confirmation and settlement, will be available to financial institutions around the globe in 2013. The expansion will add new markets to those currently using the application in the Americas and EMEA.
Beginning in 2013, the bank will be expanding its availability to three new branches in the Asia Pacific region—Hong Kong, Singapore and Mumbai—in addition to its current location in Sydney, Australia.
“The award winning MorganDirect FX execution platform has proven extremely useful for J.P. Morgan’s clients in managing FX risk, and this additional rollout will extend to global payments for cash management clients with the same flexibility, global support and robust processing their counterparts have enjoyed,” said Rocky Motwani, Global Head of FX, J.P. Morgan Treasury Services. “MDC reduces operational risk both for J.P. Morgan as well as for our financial institution clients worldwide, which is crucial given the speed and volume in the global FX market.”
MDC will feature a number of benefits for financial institutions, including:
MDC is used by clients across J.P. Morgan’s businesses, including the Corporate & Investment Bank and Commercial Bank. Currently, more than 800 of the firm’s clients around the world use MDC for a variety of trades, including spot, forwards, swaps, NDFs and Window Forwards, as well as payments in up to 135 currencies.
Clients using MDC will also benefit from global support from J.P. Morgan’s IB FX eCommerce Customer Services, as well as a dedicated portal for FX payments that can be accessed from almost any branch location. Financial institutions are able to actively manage their payments and FX risk in an efficient and secure manner by receiving streaming FX rates, 24 hours a day.
J.P. Morgan Treasury Services is a business that resides within J.P. Morgan’s Corporate & Investment Bank (CIB).
About J.P. Morgan Treasury Services
J.P. Morgan’s Treasury Services business is a full-service provider of innovative cash management, trade, liquidity and escrow services -- specifically developed to meet the challenges treasury professionals face today. More than 135,000 corporations, financial institutions, governments and municipalities in over 180 countries and territories entrust their business to J.P. Morgan. 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 J.P. Morgan’s Corporate & Investment Bank
J.P. Morgan’s Corporate & Investment Bank is a global leader across banking, markets and investor services. The world’s most important corporations, governments and institutions entrust us with their business in more than 100 countries. With $18.2 trillion of assets under custody and $393 billion in deposits, the Corporate & Investment Bank provides strategic advice, raises capital, manages risk and extends liquidity in markets around the world. Further information about J.P. Morgan is available at www.jpmorgan.com.