JPMorgan Treasury Services has been selected by the OECD to manage its international banking operations.
Under the contract, JPMorgan TS will consolidate OECD accounts, automate its treasury and co-develop a new cash management system. The latter will be linked directly to an internal SAP accounting system and will handle all standard treasury functions: domestic and international electronic banking services, automatic bank reconciliation and multi-currency cheque writing.
In addition, the OECD is to utilise JPMorgan's Paysource and e-Serve technology to handle high volume payment processing and provide secure communications links for online payments tracking.
William Marvin, treasury reporting manager for the OECD, comments: "JPMorgan handles a significant amount of the United Nations' banking and has a great reputation with agencies similar to ours."