J.P. Morgan Helps Corporates Simplify and Trim Costs From Cross-Currency Payments
Expanded Foreign Exchange Capability Enables Businesses to Make ACH Payments in 19 Currencies and to 40 Countries from a Single Account
NEW YORK, November 8, 2010 -- J.P. Morgan Treasury Services has expanded and improved its foreign exchange solution by introducing new enhancements that help corporate clients cut costs and simplify the way cross-currency Automated Clearing House (ACH) payments are made. Instead of initiating payments from multiple in-country bank accounts and paying numerous wire fees, clients now can use a single account to perform foreign exchange conversion and execute ACH transactions in 19 major currencies. The solution now covers 40 countries and will include additional currencies in the near future.
J.P. Morgan's market-leading solution is ideal for businesses with large volumes of non-urgent ACH payments that want to eliminate the administrative and financial complexity of managing and reconciling multiple foreign accounts. For example, one J.P. Morgan client is using the capability to make its payroll payments from one central account, even though its employees are dispersed globally. As a result, the client was able to close numerous in-country bank accounts and cut costs associated with multiple wire fees and managing and reconciling these accounts.
"J.P. Morgan continues to invest in its foreign exchange services to help clients cut payment costs while improving operational efficiency on a global scale," said Traci Filler, managing director, Foreign Exchange, J.P. Morgan Treasury Services. "By expanding our cross-border ACH capabilities, J.P. Morgan's clients now have more currency and low value payment options. Clients also benefit from lower transaction, foreign exchange and reconciliation costs associated with using a single account rather than maintaining multiple local accounts globally."
J.P. Morgan offers a full suite of foreign exchange solutions to meet clients' cross-border payment needs. Whether making a single payment to a vendor in another country or paying employees around the world in multiple currencies, J.P. Morgan has the solutions companies need to efficiently process international payments.
J.P. Morgan's Foreign Exchange Solutions offer:
A full suite of innovative solutions, from simple to complex
- Competitive FX rates
- Execution of payments in more than 135 currencies
- Convenient and flexible local currency accounts
- Access to experts that can help assess client's overall foreign exchange risk exposure, and design appropriate hedging structures
For more information on J.P. Morgan Foreign Exchange Solutions, visit: http://www.jpmorgan.com/visit/fx
About J.P. Morgan Treasury Services
J.P. Morgan's Treasury Services business is a full-service provider of innovative cash management, trade, liquidity, commercial card and escrow services -- specifically developed to meet the challenges treasury professionals face today. More than 135,000 corporations, financial institutions, governments and municipalities in over 180 countries and territories entrust their business to J.P. Morgan. 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.