JPMorgan Treasury Services today announced the launch of a new private-labelled payment integration product, Financial Services Integration (FSI).
FSI enables regional banks to integrate their payment systems more effectively with their corporate customers' Enterprise Resource Planning (ERP) systems, resulting in more efficient processing, reduced risk of errors and higher levels of straight through processing (STP).
FSI empowers banks to keep up with their customers' financial integration needs and remain competitive in an increasingly global market.
JPMorgan's FSI solution helps banks to expand their services while focussing on their core competences and minimising technology investment. Corporates benefit from improved automation, better control of cash positions and more efficient liquidity management. Banks using FSI receive payment instructions from their customers' ERP systems via a secure Internet connection. FSI software routes transactions for processing and returns confirmations to the customer.
JPMorgan's FSI solution provides:
- A seamless interface to a variety of ERP systems
- Full automation
- Security and payment integrity
- Comprehensive Management Information Systems (MIS) reporting
- Technology and integration resources to help implement and support the service.
Roger Brown, Client Access Product Manager at JPMorgan Treasury Services, said, "The automation needs of corporate customers are quickly outpacing the ability of many banks to keep up with the necessary technological investment. FSI provides banks with a sophisticated and cost-effective solution for integrating with their customers' systems."
Seperately, JPMorgan Treasury Services today announced that EADS, a global leader in aerospace, defence and related services, is now live with JPMorgan for a Member Administrated Closed User Group (MA-CUG), the SWIFT infrastructure that enables corporate access to its secure IP Network, SWIFTNet.
Access to SWIFTNet will mean improved message standardisation, security and straight through processing for EADS.
The benefits of SWIFTNet were, until recently, only realised by SWIFT member financial institutions.
By using SWIFT FIN, an XML-based financial message language, EADS is making treasury payments worldwide over SWIFTNet. EADS will benefit from message standardisation for both domestic and cross-border payments resulting in simplified communication, straight-forward connectivity and reduced costs for file transmissions.
Andreas Drabert, vice president, Treasury Controlling at EADS, said, "We have a long-standing and successful relationship with JPMorgan and are delighted to be able to extend this further to include participation in JPMorgan's MA-CUG. We look forward to the cost savings and increase in efficiency that this new service will provide by further leveraging the potential of the existing EADS SWIFT platform. In addition, we hope to extend use of the service to trade and commercial payments in the future. This project gives EADS the opportunity to realise the cost benefits that were reserved to banks only a couple of years ago."
"As one of the first banks to offer SWIFTNet access via a MA-CUG, we are firm believers in the standardisation benefits that this service brings to corporates and the industry as a whole," said Steve Groppi, business executive for JPMorgan Treasury Services in EMEA and Asia. "We expect to see an increase in the use of MA-CUGs as corporates look to leverage SWIFTNet to help simplify the currently complex payments infrastructure."