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Tuesday, November 21, 2006
(JPMorgan Chase & Co.)
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NEW YORK-(BUSINESS WIRE)-JPMorgan Chase, a full-service provider of cash management, trade finance, and treasury solutions, today announced the opening of three new International Image Deposit Centers in Singapore, Hong Kong and Mumbai. These centers will allow JPMorgan Chase's financial institution clients to clear their U.S. dollar cash letters and lower check transportation costs, all without changing their cash letter operations.
The Singapore, Hong Kong, and Mumbai International Image Deposit Centers join seven other JPMorgan Chase Centers outside the United States that allow financial institutions to initiate their cash letter processing. JPMorgan Chase unveiled its inaugural International Image Deposit Center in Frankfurt, Germany, in October 2006. The firm quickly established additional centers in Shanghai, Madrid, Milan, Paris, Zurich and Bournemouth, England - becoming the first global treasury management services provider to establish image deposit centers in local markets around the world. JPMorgan Chase plans to open additional centers in 2007.
"For more and more of our global clients, this expansion of Image Deposit Centers means they can continue to conduct business as usual when it comes to preparing their U.S. dollar check deposits," explained Lisa D. Robins, senior vice president, head of product management, Asia Pacific region, JPMorgan Chase. "After receiving items at any of our International Image Deposit Centers, we use state-of-the-art imaging technology to scan checks and deposit tickets, then convert them into digital images which are transmitted to the United States for clearing. JPMorgan Chase has made the investment in the technology, so our clients don't have to."
The Singapore, Hong Kong and Mumbai centers will enable financial institutions in Asia and India to streamline their check clearing processes, alleviating worries over weather delays or loss due to customs inspections. JPMorgan Chase invested more than $100 million to enhance its image infrastructure and expand its depository services capabilities.
"As the largest U.S. dollar clearer in the world and the second largest check processor in the United States, we have the scale and efficiencies to help our financial institution clients streamline their daily processes and keep costs down," added Robins. "Opening these three new centers represents our continued commitment to serving the needs of our growing list of global clients."
In addition to the International Image Deposit Centers, JPMorgan Chase offers a suite of cash letter and check collection products to process international payments:
- International Cash Letter clears and settles U.S. dollar check deposits, providing tracking features and SWIFT messaging regarding funds availability
- Secure Collections Service offers package tracking and fraud review processes for secure check collections, crediting clients' accounts on the scheduled settlement date
- Multicurrency Cash Letter clears and settles checks drawn on international banks, posting within 24 hours of the receipt of payment and providing notification via SWIFT, fax or email
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