J.P. Morgan Treasury Services Wins 2011 Celent Model Bank Awards
Celent Recognizes J.P. Morgan Innovative Product Offerings
New York, J.P. Morgan Treasury Services received two Model Bank awards from Celent Research Services. Celent’s annual Model Bank report recognized J.P. Morgan Treasury Services for two of their innovative and insightful bank technology initiatives
Celent’s Model Bank Awards showcase and profile innovative and exemplary efforts in banking. J.P. Morgan U.S. Dollar Clearing - Asia Direct is the first payment solution to provide direct access to multiple regional and in-country U.S. dollar clearing systems in Asia to expedite payments to beneficiaries in China, Hong Kong, Japan, Taiwan, and the Philippines, from a single U.S. dollar account. The service improves the settlement time for payments and receipts by up to three days.
J.P. Morgan Virtual RemitSM lockbox solution expands upon the idea of simple remote capture whereby scanned transactions can be combined with other lockbox items, thus providing a consolidated view of remittances and electronic receivables via the Firm’s online receivables management tool, Receivables EdgeSM.
“Economic challenges have placed a growing focus on operational effectiveness and differentiation to achieve sustainable profitability and growth. Having an effective vision, technology, business practices and business partner is more important than ever,” says Bob Meara, Senior Analyst with Celent’s Banking Group.
J.P. Morgan U.S. Dollar Clearing - Asia Direct intelligent routing technology streamlines processing and speeds settlement by enabling the fastest, most efficient channel for fund delivery. With Virtual Remit, clients scan checks, coupons, full-page remittance documents and even envelopes directly from their desktop into their lockbox workflow - providing clients with accelerated funds availability and improved cash positioning.
“We are delighted that Celent has recognized two of our innovative technologies as leading-edge solutions for our clients and the industry,” said Susan J. Webb, executive vice president and product executive, Global Core Cash Management, J.P. Morgan Treasury Services. “We will continue to bring innovative banking technology solutions to market in order to help clients succeed in today’s highly competitive global marketplace.”
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 $2.2 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. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.
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