Thailand’s Kasikornbank Deploys J.P. Morgan’s U.S. Dollar Clearing Solution To Expedite China Payments
Hong Kong - J.P. Morgan today announced that Thailand’s KASIKORNBANK (’KBank’) will offer faster U.S. Dollar payments to its clients in China by using J.P. Morgan’s U.S Dollar Clearing - Asia Direct solution. With the solution’s intelligent routing technology, KBank and its clients will benefit from accelerated U.S. Dollar settlement and more efficient liquidity management.
J.P. Morgan’s U.S. Dollar Clearing - Asia Direct is the first and only payment solution to provide direct access to multiple regional and in-country U.S. Dollar clearing systems in China, Hong Kong, Japan and Taiwan from a single U.S. Dollar account. Clients are not required to establish separate accounts in each country of clearing, resulting in better cash concentration, lower fees, simplified funding arrangements and decreased time spent on reconciliation activities. By expediting their payments, J.P. Morgan’s clients are also positioned to improve their relationships with counterparties, which can assist them in negotiating better terms.
Kittipan Jampravit, senior vice president and head of KBank’s International Trade Product and Business Process Development department, said: “We are pleased to expand our long-standing relationship with J.P. Morgan. The bank’s client-centric approach and innovative technology made the choice easy for us. We look forward to further expanding this successful partnership.”
“We are confident in J.P. Morgan’s ability to support our U.S. Dollar payment needs. We strive to continuously deliver service excellence to our clients, and we believe that J.P. Morgan’s U.S. Dollar clearing - Asia Direct service will allow our clients to increase their efficiency through faster settlement time for their U.S. Dollar payments to China and throughout Asia,” added Songpol Chevapanyaroj, executive vice president and head of KBank’s Corporate and SME Products division.
“As a result of the increasing intra-Asia trade flows, enhancing the efficiencies of U.S. Dollar payments, particularly within the Greater China region and Japan has become essential for all banks within Asia. Thailand remains an important market for J.P. Morgan, and we are confident that our unique U.S Dollar Clearing - Asia Direct solution will enable KASIKORNBANK to provide greater efficiencies to its existing and potential clients, thereby enhancing the bank’s competitiveness,” said Percy Batliwalla, managing director and Asia Pacific head of financial institutions - banks at J.P. Morgan Treasury Services.
J.P. Morgan is the world’s largest U.S. Dollar clearing and commercial bank. J.P. Morgan Treasury Services leverages the services and products of its Worldwide Securities Services division, as well as its Investment Bank, Asset Management and Private Bank lines of business to provide its clients with integrated banking solutions.
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 provider 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 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. In Asia Pacific, J.P. Morgan operates through 26 offices in 15 countries and has developed its wholesale banking franchise during a history of almost 160 years in the region. More information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.
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