JPMorgan Implements Bank-To-Bank Reimbursement Processing System
A new Euro bank-to-bank reimbursement processing system has been installed by JPMorgan Treasury Services in its Bournemouth, U.K. operations centre. This proprietary system integrates Euro and USD reimbursement processing on the same operating platform, allowing dual-site processing capabilities, including common service standards, pricing parameters and functionality. ‘This new system provides a dynamic platform to further integrate Trade and Cash Management product capabilities, as well as deliver vital information to clients in ways that offer greater time and cost savings,’ said Paul Simpson, Global Head of Trade Services. The new system, which relies on Web-based ‘thin client’ technology and possesses automated data mapping capabilities, is designed to provide straight-through processing, automated discrepancy tracing, automatic debit and credit advising and automated pre-debit notification messaging. In addition, this system offers an interface to JPMorgan’s Trade Information Exchange (TIE) system.