JPMorgan has launched Foreign Exchange Funds Transfer Initiation (FX FTI), an online service which offers corporates and financial institutions the ability to streamline FX payments through rapid payment creation combined with real-time FX rates. The bank said that its FX FTI product aggregates same currency payments and provides exchange rates for 39 currencies. The services will allow for payments to be automatically debited from a client’s domestic currency account, and will the need for multiple currency accounts and should reduce management and reconciliation expenses, the bank said. FX FTI is a multi-bank product, enabling payments to be funded out of non-JPMorgan accounts and customers are not required to be members of the SWIFT network. The bank said that the product was available through its web-based client access platform, JPMorgan ACCESS.
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