JP Morgan's Treasury Services business, a full-service provider of cash management, trade finance and treasury solutions, today announced it is offering ISO 20022 payment initiation and reporting capabilities.
J.P. Morgan is amongst the industry leaders adopting this new messaging standard format that allows clients to integrate core treasury, payable and receivable applications with banking and other financial partners.
J.P. Morgan's ISO 20022 capabilities enable clients to send and receive messages in XML format. This ISO standard meets the regional and global integration requirements of shared services centers, payment factories, centralized payables and treasury functions, and is rapidly being embraced as an effective means for sending payment information, reviewing remittance information, reconcilement and gathering critical cash positioning data.
"J.P. Morgan's ISO 20022 payment initiation and reporting capabilities address a growing demand from clients for an industry standard that enables a uniform integration process," said Louise Gorman, managing director and product executive, J.P. Morgan Treasury Services. "ISO 20022 is a prime example of J.P. Morgan's ongoing efforts to provide leadership in the development and implementation of new industry standards. Such efforts are a clear reflection of our industry commitment to provide our clients with the tools they need to succeed."
The bank's ISO 20022 payment initiation and reporting capabilities deliver key benefits, such as:
- Improved straight-through processing, allowing clients to communicate consistently across all of their banks.
- Standardized access to the global payments landscape, incorporating new services such as those in the Single Euro Payment Area (SEPA) in Europe
- Straight-through processing with the communication of full remittance information from remitter to beneficiary
- Improved cash position management and reconciliation with the provision of real-time data
Introduced by the International Organization for Standardization (ISO), the world's largest developer of technical standards, ISO 20022 is t2 is the core message standard for SEPA and represents the next generation of SWIFT message formatting. This new message format incorporates payment initiation and reporting capabilities of several leading standards into a single, unified standard, and is increasingly being incorporated into financial applications at banks and corporations worldwide. J.P. Morgan has been at the forefront of the development of ISO 20022 through its involvement in the Registration Management Group (RMG), the governing body for financial services messaging standards. Bob Blair, executive director, J.P. Morgan, is a senior member of RMG.