JPMorgan, a full-service provider of cash management, trade finance, and treasury solutions, today announced the opening of two new International Image Deposit Centers in Taipei and Bangkok, bringing the total number of image centers to 14.
The new centers will extend JPMorgan's ability to allow its financial institution clients to clear their U.S. dollar cash letters and lower check transportation costs, all without changing their cash letter operations.
The Taipei and Bangkok International Image Deposit Centers join 12 other JPMorgan Centers outside the United States that allow financial institutions to initiate their cash letter processing. JPMorgan unveiled its inaugural International Image Deposit Center in Frankfurt, Germany, in October 2005. The firm has continued to establish imaging centers to make the processing of image cash letters easier and more efficient for clients. Two more centers are scheduled to open later this year in Pakistan and Jakarta. The firm continues to explore other markets to establish image deposit centers as part of its goal to grow its global offerings to clients.
JPMorgan was the first global treasury management services provider to establish image deposit centers in local markets around the world. The Taipei and Bangkok locations join centers located in Bournemouth, Frankfurt, Hong Kong, Madrid, Milan, Mumbai, Paris, Seoul, Shanghai, Singapore, Tokyo and Zurich.
"With the opening of these two new image deposit centers, JPMorgan is extending the delivery of our clearing services to more local markets, making it easier and more convenient for clients doing business around the world to clear their U.S. dollar check items," explained Linda McLaughlin-Moore, regional product manager, JPMorgan Treasury Services. "As a leader in image processing solutions, JPMorgan continues to make good on its commitment to bring the products and services that help our clients succeed in today's increasingly competitive global marketplace."
The Taipei and Bangkok centers will further extend the ability for financial institutions in Asia to streamline their check clearing processes, alleviating worries over weather delays or loss due to customs inspections.
In addition to the International Image Deposit Centers, JPMorgan offers a suite of cash letter and check collection products to process international payments:
• International Cash Letter clears and settles U.S. dollar check deposits, providing tracking features and SWIFT messaging regarding funds availability
• Secure Collections Service offers package tracking and fraud review processes for secure check collections, crediting clients' accounts on the scheduled settlement date; guarantees against fraud on the front of checks
• Multi-Currency Cash Letter clears and settles checks drawn on international banks, posting within 24 hours of the receipt of payment and providing notification via SWIFT, fax or email