J.P. Morgan enhances its solution to streamline payments to Asian banks

Wednesday, J.P. Morgan announced it has improved its US dollar Clearing - Asia Direct service, in a move to continue serving clients seeking the fastest and most efficient ways of making US dollar payments to banks in Asia.

J.P. Morgan’s US Dollar Clearing – Asia Direct is the first and only payment solution to provide direct access to multiple regional and in-country US dollar clearing systems in China, Hong Kong, Japan and Taiwan from a single US dollar account.

From now, clients are also getting an ability to have direct access to a larger number of banks as the solution’s coverage has been expanded to members of Japan’s Tokyo Dollar Clearing system.

To supply the fastest channel for delivery, J.P. Morgan has also invested in an intelligent routing technology, streamlining processing and speeds settlement.

Clients have 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.