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JPMORGAN TO OPEN REMOTE CHECK IMAGE CAPTURE SITE FOR INTERNATIONAL CLIENTS

SIBOS - Atlanta, 13 October 2004 - JPMorgan Treasury Services, www.jpmorgan.com/ts, a unit of JPMorgan Chase and a leader in global payments, trade finance and treasury management, announced it is planning to open a remote check image capture site in Europe. The site will allow clients in EMEA (Europe, Middle East and Africa) and Asia to take advantage of benefits from the Check Clearing for the 21st Century Act (Check 21). Check 21 will facilitate the use of electronic images of checks by allowing the creation of Substitute Checks from images of the originals -- and requiring banks to accept, through the clearing and return processing, these Substitute Checks as the legal equivalent of an original check.

JPMorgan's financial institution clients in EMEA and Asia will ultimately be able to eliminate the need to pay for the physical transportion of checks to the U.S. for presentment, minimizing courier costs. Additional benefits include reduced risks related to transportation loss, faster identification of fraudulent items, as well as greater efficiencies and eventual reductions in processing costs.

Check 21, which takes effect on October 28, 2004, will provide U.S. banks with the ability to improve U.S. check clearing efficiency. The regulation enables financial institutions to eliminate the original check in the check clearing process, by designating the copy of an electronic check image to be the legal equivalent of an original paper check for final presentment or return. JPMorgan is providing financial institution partners with information that can be used to educate their clients about this change in check processing protocol.

"As a global leader in check processing, JPMorgan is committed to staying on the cutting edge of product development and providing our clients with the latest innovations," said Lisa Robins, senior vice president and global head of check deposit services, JPMorgan Treasury Services. "In leveraging our international capabilities, we are able to bring the many significant benefits of Check 21 to our valued clients based outside the U.S."

Remote image capture will be available to JPMorgan customers throughout EMEA, as well as in Asia in early 2005.

"By taking a holistic approach, JPMorgan provides a flexible infrastructure capable of supporting the full processing cycle, from the issuance of payments to the eventual capture of the cancelled check," explained Robins. "As a trusted banking partner, JPMorgan prides itself on being able to offer the best possible solutions for our clients around the world."