JPMorgan sets MGM up with Global Mass Payments Solution
Metro-Goldwyn-Mayer (MGM) has gone live with JPMorgan’s tailored global mass payments solution. JPMorgan’s technology, which was implemented in four months, enabled MGM to bring in-house its outsourced payments and disbursements activity for its home video distribution business in key international territories. Steve Hendry, senior vice president of financial planning at MGM, said: ‘The capability to manage this activity in-house with a single banking relationship was key. As an organisation, we often favour a centralised approach.’ JPMorgan provides MGM with a zero balance liquidity structure, complemented by an automated investment sweeping service. JPMorgan’s global payments technology, PaySource, allows a single payment file from MGM’s enterprise resource planning (ERP) system to be automatically captured and transferred to JPMorgan facilitating worldwide disbursements. PaySource also provides a file to MGM’s ERP system allowing visibility of all MGM’s account balances to its central treasury in Los Angeles.