JPMorgan expands Euro payments services

Source: JPMorgan Treasury Services

JPMorgan Treasury Services, the second largest euro clearer*, today announced the next phase of its Euro Payments Strategy.

To complement the migration to TARGET2, which will launch industry-wide next month, JPMorgan is now introducing a new range of product features for its clients.

These new features are being offered to clients making euro payments through accounts at JPMorgan AG or JPMorgan London. Highlights of these features include:
  • Innovative Intelligent Payment Routing, to reduce the overall cost of making same-day payments for clients, using JPMorgan-developed algorithmic routing logic that automatically selects the most cost efficient channel to route payments;
  • Secure Payment Confirmation, to offer a real-time advice-of-payment with a time-stamped completion confirmation, using SWIFT or JPMorgan's reporting channel products;
  • Euro Priority Payments, offering payment delivery within four hours for client credit transfers, utilizing the European Banking Association Priority Payments Scheme;
  • TARGET2 Indirect Participation Solution, which enables bank clients of all sizes to enjoy the benefits of being a direct clearer while avoiding the associated technology development and related ongoing servicing costs; TARGET2 Indirect Participation Solution also reduces the incidence of payment failures or delays and introduces simplified settlement instructions.

Alan Koenigsberg, Senior Vice President and EMEA Core Cash Product Executive, said: "The features we are launching today will genuinely enhance the customer experience and provide new solutions to meet our clients' evolving needs. Euro clearing is a core part of JPMorgan Treasury Services' offering, and we have been and will continue to invest in this suite of products. TARGET2 and SEPA are revolutionary changes in the industry, and JPMorgan is working to ensure our clients continue to be well informed as the industry evolves."

*JPMorgan AG is the second largest clearer of euros by value in RTGSplus.

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