J.P. Morgan Helps Indonesia's Bank Mega Improve Currency Clearing and Payment Flows
Leading Indonesian Bank Chooses J.P. Morgan's U.S. Dollar Clearing - Asia Direct and Payment-Versus-Payment Settlement Solutions
HONG KONG, May 12 /PRNewswire-Asia/ -- J.P. Morgan has announced today that it has been selected by PT Bank Mega Tbk. ("Bank Mega"), one of Indonesia's leading financial institutions, to provide clearing services for both its commercial and treasury payment flows with J.P. Morgan's U.S. Dollar Clearing - Asia Direct solution and payment-versus-payment (PvP) settlement services for foreign exchange transactions.
By using J.P. Morgan's U.S. Dollar Clearing - Asia Direct solution, Bank Mega's clients are able to make faster payments to beneficiaries in Mainland China and Hong Kong. J.P. Morgan's U.S. Dollar Clearing - Asia Direct solution is the first and only payment solution to provide direct access to multiple regional and in-country U.S. Dollar clearing systems in Mainland China, Hong Kong, Japan and Taiwan from a single U.S. Dollar account. J.P. Morgan's Asia Direct 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. J.P. Morgan's U.S. Dollar Clearing - Asia Direct solution also helps Bank Mega's clients to grow their business through improved relationships with their counterparties.
Bank Mega has also selected J.P. Morgan's payment-versus-payment settlement services for its foreign exchange transactions in Indonesia. This new clearing service provides simultaneous delivery of Indonesian Rupiah and U.S. Dollar currencies within the same Asia business day, thereby enabling Bank Mega to mitigate foreign exchange settlement risk, improve its liquidity management and increase its operational efficiency.
"We are pleased to be working with J.P. Morgan to provide our clients with access to innovative value-added services such as J.P. Morgan's U.S. Dollar Clearing - Asia Direct service and we will continue to look for ways to surpass our clients' expectations. J.P. Morgan's leadership position in U.S. Dollar clearing was also a key factor in our decision to use the bank's Asia Direct and PvP settlement solutions," said J.B. Kendarto, president director of Bank Mega.
"Indonesian banks have been rapidly adopting the latest standards of payment services. Being chosen by Bank Mega to provide both commercial and treasury payments services demonstrates the strength of our world-class cash management service offering. We also invest heavily in maintaining and growing relationships with our clients and look forward to further expanding our relationship with Bank Mega. We remain committed to delivering innovative solutions to our financial institution clients and to our fast-growing client base in ASEAN countries," added Simon Jones, managing director and Asia Pacific regional Treasury Services executive at J.P. Morgan.
J.P. Morgan offers a wide range of commercial and treasury payment services to financial institutions and corporate clients in Indonesia. J.P. Morgan is also the world's largest U.S. Dollar clearing and commercial bank.
About J.P. Morgan Treasury Services
The Treasury Services business of J.P. Morgan is a top-ranked, full- service provider of innovative payment, collection, liquidity management, trade finance, commercial card and information solutions to corporations, financial services institutions, middle market companies, small businesses, governments and municipalities worldwide. With more than 100,000 clients and services provided in more than 60 countries and 40 U.S. states, J.P. Morgan Treasury Services is one of the world's largest providers of treasury management services and a division of JPMorgan Chase Bank, N.A., member FDIC. More information can be found at www.jpmorgan.com/ts.
About JPMorgan Chase & Co.
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.1 trillion and operations in more than 60 countries. The firm is a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset management and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of consumers in the United States and many of the world's most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. In Asia Pacific, J.P. Morgan operates through 26 offices in 15 countries and has developed its wholesale banking franchise during a history of almost 160 years in the region. More information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.
Media Contact:
Karene Dufour Lo, J.P. Morgan Treasury & Securities Services
Tel: +852-2800-1924
Email: [email protected]
SOURCE J.P. Morgan
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