JPMorgan has become the first global bank to sign up to the new Web-based standards management package developed by interbank network Swift.
The MyStandards platform has been commercially available since June. One of the first products to emerge from Swift's Innotribe incubator, the service is designed to streamline the management and updating of messaging standards for banks and their corporate clients.
An active member of Swift's one-year pilot of the programme, JPMorgan initially plans to use MyStandards for corporate cash management, encompassing all message types used by clients of the bank, including MT and MX messages, as well as payment initiation and statements.
Robert Blair, managing director, JPMorgan Treasury Services says: "Through our experience with the MyStandards pilot we've seen firsthand the benefits available, specifically for cash management...By providing a straightforward way for our customers to access standard usage information we are enabling improved efficiency."