Dulles, VA - December 12, 2006 -- JPMorgan Chase Vastera, the leading provider of Global Trade Management (GTM) solutions, today announced the availability of the latest version of its risk management solution, TradeSphere Restricted Party Screening 3.0. Available on either a hosted, installed or fully outsourced basis, the new features of TradeSphere Restricted Party Screening bring greater protection to corporate supply chains as businesses aim to remain compliant with international trade and security laws.
Government laws and regulations prohibit the exchange of commodities, technical data or services with certain parties or entities that have been deemed irresponsible traders or a threat to national security or foreign policy interests. JPMorgan Chase Vastera's Restricted Party Screening solution helps companies protect their trade interests by providing screening technology and multi-list management designed to prevent illegal domestic and international transactions. Conducting business with a denied party can result in financial penalties, imprisonment, and the loss of a company's trade privileges.
Among the new features of Restricted Party Screening 3.0 are:
"Corporations are increasing focus on knowing their customers better. Maintaining a clean customer, vendor and supplier base is a vital component to perpetuating a strong, efficient supply chain," said Bernie Hart, global product head, JPMorgan Chase Vastera. "Automated compliance screening should be the cornerstone of every supply chain operation. Preventing illegal transactions protects your trade interests and keeps your supply chain moving."
In addition to being used to support business partner screening, TradeSphere Restricted Party Screening can be used by human resources departments to screen employees and job applicants; by on-site security personnel to screen office visitors; by corporate philanthropy departments to ensure that charitable gifts are not being distributed to the wrong parties; and by business development or mergers and acquisition specialists to ensure that acquisition targets have not committed prior trade violations.
About JPMorgan Chase Vastera
JPMorgan Chase Vastera is the worldwide leader in providing solutions for Global Trade Management (GTM). The company's GTM solutions help clients drive cost savings and supply chain efficiencies while improving compliance with government regulations and service levels to end customers. JPMorgan Chase Vastera's GTM solutions include: Managed Services (business process outsourcing), Trade Management Consulting (business process consulting) and TradeSphere (software). With over 400 clients throughout the world, many of the world's largest corporations utilize their GTM solutions. For more information, please visit www.jpmorganchase.com/vastera.
In April, 2005, Vastera was acquired by JPMorgan Chase Bank and combined with the Logistics and Trade Services businesses of JPMorgan Chase's Treasury Services unit. The Treasury Services (www.jpmorganchase.com/ts) business of JPMorgan Chase is a top-ranked, full-service provider of innovative payment, collection, liquidity and investment management, trade finance and logistics, commercial card and information solutions to corporations, financial services institutions, middle market companies, small businesses, governments and municipalities worldwide. With more than 50,000 clients and a presence in 36 countries, JPMorgan Treasury Services is the world's largest provider of treasury management services.
About JPMorgan Chase
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $1.3 trillion and operations in more than 50 countries. The firm is a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset and wealth management, and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase serves millions of consumers in the United States and many of the world's most prominent corporate, institutional and government clients under its JPMorgan and Chase brands. Information about the firm is available at www.jpmorganchase.com.