New solution offers faster payments, reduced clearing times and improved efficiency
Osaka, October 25, 2012 – J.P. Morgan Treasury Services has launched its Cross-Currency Automated Clearing House (Cross-Currency ACH) solution across Asia Pacific, with Thailand’s KASIKORNBANK, one of the first clients to take up the service.
Available in 14 markets across Asia Pacific, J.P. Morgan’s Cross-Currency ACH platform unites the different national clearing systems into a single regional payment network for high-volume, non-urgent payments. This new capability delivers a convenient and cost effective cross-currency payments service to the firm’s financial institution, non-bank financial institution and corporate clients. A fully integrated foreign exchange (FX) and funds transfer solution, Cross-Currency ACH automates the end-to-end payments and FX processes, helping clients manage the significant cost and time constraints around executing a large volume of cross-border payments from multiple accounts across multiple currencies.
Key benefits of J.P. Morgan’s Cross-Currency ACH solution include:
Songpol Chevapanyaroj, Executive Vice President, KASIKORNBANK, said: “The global needs of our customers are growing fast, so we are keen to bring them innovative solutions that help them meet their objectives in new and better ways. We see J.P. Morgan’s Cross-Currency ACH solution as a great way to capture new payment flows and enhance the services that we can offer to our clients.”
Hendra Lembong, Head of Cash Management, Asia Pacific, J.P. Morgan Treasury Services, added: “Our Cross-Currency ACH service is a key addition to our suite of cash, FX and liquidity management solutions. It delivers better efficiency for our corporate clients and gives our financial institution clients a new tool they can use to expand their product range and compete more effectively.”
J.P. Morgan Treasury Services is a business that resides within J.P. Morgan’s Corporate & Investment Bank (CIB).
KASIKORNBANK is one of Thailand’s largest financial institutions, offering consumer, commercial, and corporate banking services, including lending, deposit-taking, credit card services, international trade financing, custodian services, asset management and investment banking services. The bank has 800 branches across Thailand and an additional 7 overseas offices in locations including Los Angeles, Tokyo, Kunming, Hong Kong, Beijing, Shenzhen and Shanghai, and a correspondent network in 138 countries that helps facilitate international trade and financial service transactions between Thailand and its trade partners worldwide.
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.