JPMorgan TS' Paysource and e-serve technology will reduce OECD banking fees and provide direct online communication with the Bank.
OECD complements JPMorgan's portfolio of international organisation clients such as the United Nations, World Health Organisation, UNICEF and the World Bank.
LONDON, 15 October 2002 - JPMorgan Treasury Services, a unit of JPMorgan Chase Bank and a leader in global payment, trade and treasury services management, has been selected by the OECD to manage its international banking operations. JPMorgan TS will help drive the OECD's financial reform programme by consolidating global bank accounts, automating treasury functions and developing a more sophisticated cash management system.
In order to comply with the Secretary-General's drive to streamline operations and cut banking fees, the OECD took the strategic decision to consolidate its international banking operations with a single provider that had extensive experience working with international organisations. JPMorgan TS will work with the OECD to develop a cash management system, linked directly to the SAP accounting system, that can also handle all standard treasury functions: domestic and international electronic banking services, automatic bank reconciliation and multi-currency cheque writing ability. This will assist the organisation to cut costs and streamline operations through a highly integrated, fully automated cash and treasury management solution.
The OECD, a non-profit organisation, derives its income from members and voluntary contributions. Member contributions are paid in euro, but voluntary contributions can be made in any currency. JPMorgan TS' Paysource technology will handle the OECD's high volume payment processing and will significantly reduce banking fees by automatically re-formatting high volume cross-border payments. Because the OECD receives contributions from all over the world, JPMorgan TS' e-Serve technology will provide secure communication directly to the Bank so it can track payments and payment details online.
The OECD cited JPMorgan TS' sophisticated product line, experience with international organisations and meticulous approach to implementation as key factors in the selection. William Marvin, Treasury Reporting Manager for the OECD comments: "JPMorgan handles a significant amount of the United Nations' banking and has a great reputation with agencies similar to ours. We have very unique criteria for reform and we need a provider that can assist us to meet the stringent legal requirements we have as an international agency. JPMorgan has the experience, technology and human capital necessary to handle our complex banking operations."
JPMorgan TS is pleased to add the OECD to its extensive list of international organisation clients. Jean Henceroth, JPMorgan TS comments: "The OECD is a very important client for us. The breadth of our experience, our cutting edge technology and the strength of our implementation teams have been integral to our success within this sector. The implementation is progressing smoothly and this project re-affirms our commitment to providing sophisticated solutions to the world's leading international agencies."
For more information please contact Kelly Burke on 020 7936 9058