- JPMorgan Treasury Services hosts innovative interactive forum to identify clients' needs
EUROFINANCE-BARCELONA - October 15, 2003 - Following an innovative interactive client forum JPMorgan Treasury Services, a unit of JPMorgan Chase Bank and a leader in global payment, trade and treasury services management, announced today that common standards were vital to clients' operating efficiency for Euro payments in the Single European Payment Area (SEPA). 23 of JPMorgan's clients, from locations around Europe, met at the forum and provided immediate feedback to the facts presented to them, using interactive real-time technology.
The key question under debate was: "What are the barriers to agreeing the optimal standards and payment infrastructure for efficient cash management in a single Europe?"
The consensus among attendees was a degree of frustration in the debate over new standards and regulations and a desire for strong leadership on the way forward. The attendees agreed that standards needed to emerge in the market in three areas: payment systems and instruments; the messaging standards between corporates and banks; and within the systems used by corporates. They felt that today's implementation of BIC and IBAN standards was creating additional overhead and not addressing the fundamental sources of costs on pan European cash management.
Jamie Silk, Head of Euro Payments, JPMorgan Treasury Services, commented "We feel that the voice of corporates really needs more airtime in this debate, which is why JPMorgan has held this customer forum. It's also clear that a real business case for the implementation of standards needs to be communicated to put this strategic issue on their agenda and we're committed to continuing to work with corporates to help achieve the standardisation that they need."
Stefanie Davidson, Philippe Jeanjean, Tom Coombes,
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