-JPMorgan appointed as single bank to handle all of MGM's centralised international treasury needs
London, 26 August 2004 - JPMorgan Treasury Services today announced that Metro-Goldwyn-Mayer Inc ("MGM") has gone live with its tailored global mass payments solution. JPMorgan's technology, in a record-breaking four months, enabled MGM to bring in-house its outsourced payments and disbursements activity for its home video distribution business in key international territories.
Steve Hendry, senior vice president of financial planning at MGM, said,
"JPMorgan was able to provide a comprehensive, tailored solution that was a perfect fit for our requirements. The capability to manage this activity in-house with a single banking relationship was key. As an organisation, we often favour a centralised approach. JPMorgan's global capabilities, commitment to the payments business, and to continued development and support of its solution were testament that they were the right bank to support our needs."
"We are excited to have MGM as a client of JPMorgan Treasury Services," said Steve Donovan, corporate sales business executive at JPMorgan Treasury Services in Europe. "They had very aggressive timescales in place for this project and JPMorgan was able to deliver a complete, global solution on time."
JPMorgan provides MGM with a zero balance liquidity structure, complemented by an automated investment sweeping service. JPMorgan's global payments technology, PaySource, allows a single payment file from MGM's enterprise resource planning (ERP) system to be automatically captured and transferred to JPMorgan facilitating worldwide disbursements. PaySource also provides a file to MGM's ERP system allowing visibility of all MGM's account balances to its central treasury in Los Angeles.
In addition, JPMorgan's partnership with ING in Eastern Europe provides MGM with a combination of local expertise and global reach for managing its Hungarian operations. The scalable solution will cater to the predicted growth of MGM's home entertainment division and enables efficient management of substantial new banking activity in-house.