JPMorgan Treasury Services is already testing with a number of third party clients successfully, with live dates projected for later this year.
30 October 2002 - London - JPMorgan Treasury Services (TS), a unit of JPMorgan Chase Bank and a leader in global payment, trade finance and treasury services management, today announced that 18 institutions have already chosen JPMorgan TS to provide third party services. In addition to these 18 new mandates, the global institutional market is expressing increasing interest in JPMorgan TS' innovative offering and the Bank anticipates that its third party services client list will significantly expand in 2003.
The JPMorgan TS Third Party Services Solution allows institutions and corporations that are not members of CLS to settle their trades in CLS without the complex and time-critical aspects settlement members have to perform. JPMorgan TS' service also extends intra-day liquidity and credit to qualified clients, and effectively insulates the client from the various complexities of CLS settlements.
Steve Wilder, JPMorgan TS, comments, "JPMorgan TS has engineered a third party solution that incorporates the expertise of our CLS implementation teams, the sophistication of our technology and the intra-day liquidity and credit our customers are looking for. Our strategy has been to insulate our customers from the complexities that CLS introduces through end-to-end project management and exceptional implementations. With 18 third party services customers already signed up, this strategy has proven a remarkable success. We believe that this positions JPMorgan TS as the market leader in the provision of this service."
For more information please contact Kelly Burke at +44 (0) 20 7936 9058