Pooling, Collections Services Enhanced by JPMorgan
JPMorgan TS has launched a multi-currency notional pooling service. The service is a high value option for banks and non-bank financial institutions to optimize their end-of-day currency positions across euros and U.S. dollars, according to the company. The bank stressed that no interest is charged on self-funded cross-currency positions and there are no physical conversion of currencies. Individual currency positions remain unaltered. In addition, the bank has made available an enhanced Secure Collections Service (SM) as part of its integrated capability for US dollar check deposits. The solution leverages technology to improve early fraud detection, speed return notification and enhance efficiency, while accelerating the check collection process and providing certainty around payment timing.