OECD Grants International Banking Mandate To JPMorgan
The Organisation for Economic Cooperation and Development has chosen JPMorgan Treasury Service to manage its international banking operations. JPMorgan TS will help drive the OECD’s financial reform programme by consolidating global bank accounts, automating treasury functions and developing a more sophisticated cash management system. In order to comply with the Secretary-General’s drive to streamline operations and cut banking fees, the OECD took the strategic decision to consolidate its international banking operations with a single provider that had extensive experience working with international organisations. JPMorgan TS will work with the OECD to develop a cash management system, linked directly to the SAP accounting system, that can also handle all standard treasury functions: domestic and international electronic banking services, automatic bank reconciliation and multi-currency cheque writing ability. The OECD cited JPMorgan TS’ sophisticated product line, experience with international organisations and meticulous approach to implementation as key factors in the selection.