JP Morgan has announced that it has upgraded its US Dollar Clearing – Asia Direct solution to assist clients seeking efficient means of making US dollar payments to banks in Asia.
Reportedly, JP Morgan’s US Dollar Clearing – Asia Direct is a payment solution that provides direct access to multiple regional and in-country US dollar clearing systems in Japan, and China, Hong Kong and Taiwan – members of Hong Kong’s Clearing House Automated Transfer System (CHATS). The bank has said that clients are not required to establish separate accounts in each country of clearing services.
Greg Murray, product pxecutive, US Dollar Clearing, JP Morgan Treasury Services, said: As the largest U.S. dollar clearing bank in the world, J.P. Morgan continues to bring expertise, innovation and value to clients conducting business in the Asia Pacific. As JP Morgan pioneered and has served as the sole operator of the Tokyo Dollar Clearing system for the past twenty years, the expansion of our U.S. Dollar Clearing – Asia Direct solution to Japan is a natural extension of our leadership position.”
Abdul Roaf Latiff, Asia head of treasury services clearing and foreign exchange, JP Morgan treasury services, said: “Clients are able to capitalize on the significant growth in payment flows to and across Asia with US Dollar Clearing – Asia Direct. By expediting their payments, our clients also are positioned to improve their relationships with customers, counterparties and suppliers, and thus negotiate better terms.”
