JPMorgan’s treasury services business is now offering ISO 20022 payment initiation and reporting capabilities. ISO 20022 is a new messaging standard format that allows clients to integrate core treasury, payable and receivable applications with banking and other financial partners.
The bank’s ISO 20022 payment initiation and reporting capabilities, enabling clients to send and receive messages in XML format, deliver benefits such as:
- Improved straight-through processing (STP), allowing clients to communicate consistently across all of their banks.
- Standardised access to the global payments landscape, incorporating new services such as those in the single euro payments area (SEPA) in Europe.
- Straight-through processing with the communication of full remittance information from remitter to beneficiary.
- Improved cash position management and reconciliation with the provision of real-time data.
“JPMorgan’s ISO 20022 payment initiation and reporting capabilities address a growing demand from clients for an industry standard that enables a uniform integration process,” said Louise Gorman, managing director and product executive, JPMorgan Treasury Services. “ISO 20022 is a prime example of JPMorgan’s ongoing efforts to provide leadership in the development and implementation of new industry standards.”
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