JPMorgan, a leading global full-service provider of cash management, trade finance, and treasury solutions, today announced the opening of its International Image Deposit Center (“IDC”) in Tokyo, Japan. The center will allow the bank’s financial institution clients to clear their U.S. dollar cash letters and to lower check transportation costs, all without changing their cash letter operations.
The Tokyo IDC, which allows financial institutions to initiate their cash letter processing, joins five other JPMorgan centers outside the United States. In Asia, JPMorgan has opened IDC’s in Seoul, Shanghai, Singapore, Mumbai, Hong Kong and now Tokyo.
“We are delighted to add Japan to our regional IDCs to ensure we continue providing our clients greater efficiencies in their business,” said Lisa Robins, JPMorgan’s Treasury Services APAC Head of Product Management. She added that “for our clients, it is business as usual as they prepare their U.S. dollar check deposits and deliver the items to our Tokyo center however once we receive them we use state-of-the-art imaging technology to efficiently convert them to digital images which are transmitted for clearing.
The Tokyo location will enable financial institutions in Japan to streamline their check clearing processes, alleviating worries over potential delays or loss due to customs inspections. Clients will also be able to obtain the original paper check documents once the items clear. JPMorgan has invested more than US$100 million to enhance its image infrastructure and expand its depository services capabilities.
“As a leading Treasury Services provider in the Japanese market, our regional IDC in Japan reiterates our commitment to the Japanese market and highlights our focus on consistently providing value to our Japanese Financial Institutions clients.” said Treasury Services Japan Business Executive, Ricky Kaura.
In addition to the International Image Deposit Centers, JPMorgan Chase offers a suite of cash letter and check collection products to process international payments:
• International Cash Letter clears and settles U.S. dollar check deposits, providing tracking features and SWIFT messaging regarding funds availability
• Secure Collections Service offers package tracking and fraud review processes for secure check collections, crediting clients’ accounts on the scheduled settlement date
• Multi-Currency Cash Letter clears and settles checks drawn on foreign banks, posting within 24 hours of the receipt of payment and providing notification via SWIFT, fax or email