London, 21 June 2010 - J.P. 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."
CHAPS Sterling is a same-day automated payment system for processing sterling payments made within the UK, between its member banks. CHAPS Sterling is one of the largest real-time gross settlement (RTGS) systems in the world clearing over £64 trillion a year. Banks use CHAPS to move money around the financial system, but it is also used regularly for other types of payments including business-to-business payments; by solicitors/licensed conveyancers to transfer the purchase price of a house between the bank accounts of those involved; by individuals buying or selling a high-value item, such as a car, who need a secure, urgent, same-day guaranteed payment. More information can be found at: http://www.chapsco.co.uk/chaps_product/-/page/339/
About J.P. Morgan Treasury Services
The Treasury Services business of J.P. Morgan is a top-ranked, full-service provider of innovative payment, collection, liquidity management, trade finance, 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 39 countries, J.P. Morgan Treasury Services is one of the world's largest providers of treasury management services and a division of JPMorgan Chase Bank, N.A., member FDIC. More information can be found at www.jpmorgan.com/ts.
About JPMorgan Chase & Co.
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.1 trillion and operations in more than 60 countries. The firm is a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset management and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of consumers in the United States and many of the world's most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.