OCBC awards trade processing business to JPMorgan

OCBC awards trade processing business to JPMorgan

Singapore's Oversea-Chinese Banking Corporation (OCBC) is outsourcing its trade finance processing to JPMorgan Treasury Services.

The deal covers the provision, on a white-label basis, of import and export transaction processing - both letters of credit and collections, on behalf of OCBC's overseas branches in eight locations.

Lori Hricik, CEO, JPMorgan Treasury Services, says: "Our objective is to deliver OCBC the in-depth expertise, broad geographic coverage and superior technology capabilities of our trade finance franchise."

JPMorgan says its suite of white label trade finance applications enables financial institutions to significantly reduce overheads, while meeting all trade finance needs and maintaining a presence in the competitive global trade business.

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