JPMorgan launches outsourced global payments infrastructure solution
12 October 2004 | 4974 views | 0
JPMorgan Treasury Services, a unit of JPMorgan Chase Bank, has launched a Global Payments Infrastructure (GPI) solution, and claims it already has two financial institution customers.
JPMorgan's outsourced clearing solution is modular and allows financial institutions to replace their existing USD funds transfer infrastructure with JPMorgan's USD clearing components, such as Web-based initiation and private-labelled service tools, wire processing, funds control, position management and reconciliation support with their existing technology.
Although direct link clearing options were previously available to JPMorgan clients, the bank says this is the first time that a comprehensive suite of clearing technology and operating services is available to the market as a single product set. Two financial institutions, one of which is a US domestic bank, are currently in the process of adopting JPMorgan's GPI solution to enhance their USD clearing offerings to customers.
"Through our Global Payments Infrastructure solution, financial institutions can more effectively reallocate capital and resources to address their core business and growth opportunities," says Thomas Halpin, USD clearing business executive for JPMorgan Treasury Services. "As the global leader in USD clearing with up to $2.3 trillion processed every day, JPMorgan is uniquely qualified to host a funds transfer technical solution that truly meets today's challenging operating environment and commoditised payments market."