JPMorgan announced today the launch of Foreign Exchange Funds Transfer Initiation (FX FTI), an online service offering comprehensive trading and payment facilities. FX FTI offers corporates and financial institutions the ability to streamline FX payments through rapid payment creation combined with competitive, real time FX rates.
FX FTI aggregates same currency payments and provides the optimal exchange rates for 39 currencies. Payments are automatically debited from a client's domestic currency account, eliminating the need for multiple currency accounts and reducing management and reconciliation expense. FX FTI is a multi-bank product, enabling payments to be funded out of non-JPMorgan accounts and customers are not required to be members of the SWIFT network.
FX FTI is available through JPMorgan's web-based client access platform, JPMorgan ACCESS (SM), which provides clients globally with a secure Internet gateway to a range of treasury and cash management services. As a module of JPMorgan ACCESS (SM), FX FTI allows aggregated reporting of FX payments with other payments. JPMorgan also provides access to a dedicated FX service support team for customers using FX FTI.
Colin Digby, head of product strategy & solutions for JPMorgan Treasury Services in Europe, Middle East and Africa, said, "FX FTI streamlines the process of executing FX transactions, allowing clients to simplify and increase efficiencies in the operational process, reduce costs and more effectively manage risk."