JPM Implements EBA STEP 2; Launches New Sweeping Service
JPMorgan Treasury Services has begun its implementation of the EBA STEP 2 platform, a central platform for validating, sorting and routing individual and bulk payment instructions with the intention of creating a pan-European ACH. Several banks have already gone live with EBA STEP 2, but JPMorgan will continue testing the system until July 1, 2003 when the European Commission’s SEPA regulations also come into effect. In a separate move, the organisation has launched a cross-border intra-day cash sweeping service, allowing customers the opportunity to enhance returns on surplus liquidity. The bank’s system employs intra-day cash sweeps, based on real-time account balances which can be scheduled and completed prior to other cut-off times. The bank explained that by using the new platform, clients may no longer need to have large credit lines in place for their concentration accounts in order to support intra-day payments and investments. The service is available on a cross-border basis in Europe and the US for both US Dollars and Euro.