JPMorgan Treasury Services, one of the worldâs leading providers of euro and US dollar clearing services, today announced plans to provide new functions for euro payments as part of its TARGET2 project . JPMorgan Treasury Services is leading the market with the introduction of these new solutions.
The planned new functions will include enhanced timed payments, EBA Priority Payment Scheme payments and RTGS-assured payments. The planned new functions will also include an optional payment confirmation capability. This is intended to provide a time stamped advice confirming that funds have been credited to the next clearing bank. JPMorgan Treasury Services plans also to offer new flexible options to reduce the impact of third-party charges.
Julie Monaco, Core Cash Management Business Executive, said, âJPMorgan Treasury Services views TARGET2 as an important catalyst for change to the euro payments environment. JPMorganâs TARGET2 initiative will give customers greater flexibility and greater certainty when making euro payments.â
JPMorgan plans to continue to invest in core infrastructure to ensure the benefits available through TARGET2 and other euro infrastructure changes are maximised.
JPMorganâs entry point to TARGET2 will be JPMorgan AG, which is the second-largest member of the German RTGS clearing system, based on daily average value of payments.