JP Morgan's Treasury Services business, a full-service provider of cash management, trade finance and treasury solutions, today announced new payables and receivables capabilities in the Baltic and Nordic regions through both urgent payments and non-urgent local ACH channels.
Corporates with customers or suppliers in these markets can now initiate and receive payments in seven additional countries. This brings the total number of European countries in which J.P. Morgan clients can transact in the domestic clearing to 20, in addition to SEPA and Multi-currency transaction services.
Commenting on the regional expansion, Alex Caviezel, head of J.P. Morgan Treasury Services in Europe, Middle East and Africa, said: "The expansion of our payables and receivables services into the Nordic and Baltic regions will help our clients undertake their Accounts Payable and Accounts Receivable activities in less familiar territories with greater confidence. The model is ideal for larger organisations based outside the Baltics or Nordics who actively trade there. The solution simplifies the task of managing multiple bank accounts and bank relationships, enabling clients to manage their funds conveniently on a London-based account."
In addition, J.P. Morgan Treasury Services continues to invest in its global payments platform, enhancing local payments and receivables services in Italy, Switzerland and the UK. These enhancements include improved reporting, later cut-off times and enhanced local ACH connectivity.