Single Euro Payments Area (SEPA) is a payment-integration initiative of the European Union to simplify bank transfers denominated in euro.
J.P. Morgan said that the latest offering is part of its mission to drive efficiency and add critical value to the business of clients.
SEPA Instant will help J.P. Morgan to enhance its real-time payment capabilities through paying in USD, GBP and EUR to the customers.
J.P. Morgan Treasury Services EMEA Payments and FX head and managing director Sungmahn Seo said: “Adding SEPA Instant is another step towards offering real-time payments around the globe.
“SEPA Instant will allow our clients the ability to make/receive a payment within seconds, for credit transfers in EUR up to 15,000, with 24/7availability and a Pan-European reach.”
The addition of SEPA Instant and other real-time payments schemes will help J.P. Morgan to provide better services to its customers, including immediate payment finality, easier reconciliation, advanced financial control and budgeting.
The services will also facilitate improved liquidity management, as well as provide ability to address immediate business requirements.
J.P. Morgan Treasury Services faster payments head and managing director Art Brieske said: “Since we launched Real-time Payments in the US about a year ago, we are approaching one million transactions per month.”
At present, the geographical scope of SEPA schemes covers 36 countries and territories, including 28 Member States, as well as Iceland, Norway, Liechtenstein, Switzerland, Monaco, San Marino, Andorra and Vatican City State/Holy See.
J.P. Morgan offers cash management solutions specifically designed to meet the requirements of the treasury professionals. Its cash management solutions allow customers to incorporate the required service for the management of cash balances and daily transactions.
The company provides payments and FX services for the customers to make payments in more than 120 countries. In addition, the firm provides escrow services, which will help develop right escrow structure for customer’s transaction.
