September 30, 2002 - Geneva - Sibos 2002 - JPMorgan Treasury Services, a unit of JPMorgan Chase Bank and a leader in global payment, trade finance and treasury services management, today announced that its e-enabled trade finance product, Trade Information Exchange (TIE), is now available to financial institutions. JPMorgan Treasury Services TIE is an innovative browser-based capability that delivers an expedient, flexible and cost-efficient solution for managing trade information on a global scale.
Financial institutions are now able to view Trade Information Exchange data in a variety of roles, including as an issuing bank, an advising bank, a remitting bank or a collecting bank. JPMorgan is one of the first global trade banks to offer this capability to financial institutions.
"Previously accessible only to corporations, we've expanded the capabilities of our Trade Information Exchange to allow financial institutions, and in turn their clients, the ability to streamline and automate trade processes," explained Paul Simpson, global head of JPMorgan Trade Services. "JPMorgan TIE offers clients an effective Internet-based solution for gaining quick access to critical information so they can make timely and precise decisions in managing their trade transactions and cash flow."
Trade Information Exchange provides multi-access downloading of customised reports on trade finance transactions from a browser-based global retrieval system. Clients have the ability to perform inquiries and obtain the status of their trade portfolio including letter of credit history and text, accounting information, works in process and other trade related activities. In addition, the system offers secure e-mail capabilities to allow clients to communicate with JPMorgan and authorised trading partners. Trade finance clients can obtain a full range of commercial letters of credit, standby letters of credit, collections, steamship guarantees, airway releases, purchase orders, and courier inquiry capabilities regardless of geographic location.
Key benefits of JPMorgan TIE for financial institutions, corporate and other trade value chain parties include:
- On-line, real time access to status and information on trade transactions
- Improved workflow and elimination of geographical barriers through the use of the Internet
- Improved communication using encryption security and digital certificates
- Customised searches based on individual needs using a flexible search engine
- Easy export of data to common spreadsheet applications for customised reporting
- Secure email capabilities to communicate with JPMorgan and other authorised parties.
For more information please contact:
Tel. 020 7936 9058