J.P. Morgan Treasury Services, a full-service provider of cash management, trade finance and treasury solutions (NYSE:JPM), announced it has partnered with Fundtech Ltd. (NASDAQ:FNDT) to offer an integrated international payments service to banks using PAYplus® USA.
With this new capability banks will be able to offer their clients enhanced foreign exchange and cross-border payment services, which offer the banks new revenue opportunities as they route transactions through J.P. Morgan.
Fundtech's PAYplus USA provides end-to-end processing for domestic wires. The partnership provides Fundtech clients a seamless means to access a variety of services including foreign exchange in more than 135 currencies, and US Dollar Clearing's complete suite of international commercial payment capabilities - including expedited payments to and from Asia. Leveraging the interface to J.P. Morgan, PAYplus USA clients have more options and increased flexibility to customize their transaction processing.
Christine Doria, Managing Director, J.P. Morgan Treasury Services said of the new service: "Our greatest strength lies in understanding our clients' needs. In service to our clients, this new partnership can help banks and their clients improve profitability in the current economic environment." She added, "Cross-border payments are a top priority for our clients. Along with our partners at Fundtech, we can now offer our clients further access to our services."
Commenting on the partnership, Anthony Salamone, Fundtech's Vice President, US Payment Products said: "Our partnership with J.P. Morgan Treasury Services provides Fundtech's PAYplus USA clients the ability to seamlessly add FX transactions to their US wire transfer system. These banks will be better able to service their client's expanding need for international payments, and profit from this important value-added service."