JP Morgan Treasury Services today announced that it has become a direct member of the Clearing House Automated Payment System (Chaps), the UK's high value, same-day payment system, enabling it to clear its UK sterling payments directly through Chaps.
J.P. Morgan is already a settlement bank in the UK Centralized Securities Depository System (CREST) which allows it to directly settle the cash portions of securities transactions within CREST.
Alex Caviezel, Treasury Services EMEA Regional Executive, J.P. Morgan, said: "We are delighted to become a CHAPS direct participant, and a CREST settlement bank, which demonstrates our commitment to the UK payments system, and to building a platform to launch new sterling solutions in the near future and supporting our clients in multiple currencies. These moves follow extensive investment in core payment processing and will give us the flexibility and control to deliver market leading propositions to our clients."
Alice Gregoriadi, head of Core Cash EMEA, J.P. Morgan, said: "J.P. Morgan's direct membership of CHAPS allows us to extend our strong client service and clearing capabilities, developed in our market leading US Dollar and Euro clearing services, and apply them to our Sterling Clearing solutions. This means clients will benefit from competitive solutions as we launch our Sterling Clearing services later this year."