JP Morgan claimed that clients are not required to establish separate accounts in each country of clearing, resulting in better cash concentration, lower fees, simplified funding arrangements and decreased time spent on reconciliation activities. By expediting their payments, JP Morgan’s clients are also positioned to improve their relationships with counterparties, which can assist them in negotiating better terms.
Kittipan Jampravit, senior vice president and head of international trade product and business process development department at Kasikornbank, said: “We are pleased to expand our long-standing relationship with JP Morgan. The bank’s client-centric approach and innovative technology made the choice easy for us. We look forward to further expanding this successful partnership.”
Songpol Chevapanyaroj, executive vice president and head of corporate and SME products division at Kasikornbank, said: “We are confident in JP Morgan’s ability to support our US dollar payment needs. We strive to continuously deliver service excellence to our clients, and we believe that JP Morgan’s US dollar clearing – Asia Direct service will allow our clients to increase their efficiency through faster settlement time for their US dollar payments to China and throughout Asia.”
Percy Batliwalla, managing director and Asia Pacific head of financial institutions and banks at JP Morgan Treasury Services, said: “As a result of the increasing intra-Asia trade flows, enhancing the efficiencies of US dollar payments, particularly within the Greater China region and Japan has become essential for all banks within Asia.
“Thailand remains an important market for JP Morgan and we are confident that our unique US Dollar Clearing – Asia Direct solution will enable Kasikornbank to provide greater efficiencies to its existing and potential clients, thereby enhancing the bank’s competitiveness.”
