The introduction of the TSU marks SWIFT's first trade offering in the open account space, which has been requested by SWIFT member banks from the Trade Service Advisory Group. The enhancement to JPMorgan Chase Treasury Services' TradeDoc is the only bank-offered connectivity solution that is being made available to other banks on a white label basis, which will enable end-to-end connectivity of the financial supply chain. This ultimately generates efficiencies for our corporate clients. With the connectivity extension of TradeDoc to the TSU, correspondent banks will be able to integrate data to satisfy the physical and financial supply chain requirements.
Bruce Proctor, Head of JPMorgan Chase Global Trade Services said, "By helping our corporate customers and their counterparties' banks along the supply chain we are introducing significant business efficiency into the market and reducing costs. The TSU will level the competitive marketplace and allow all banks to enter the open account space, and we are excited to be the first bank to be able to offer our enhanced TradeDoc product as a tool to make this happen and facilitate other banks to join this new service."