Taiwan-based MediaTek has selected J.P. Morgan to provide cash management services to streamline the company’s cross-border payments and collections processes.
Through one centralised account in Hong Kong, and linked directly into MediaTek’s financial accounting system, the customised cash management solution seamlessly enables faster payment and receivables from locations across the US and Asia-Pacific, including China, Hong Kong, India, Japan, Korea and Singapore.
The account in Hong Kong functions as the main US dollar payment and collection account and all payments and collections are centralised via J.P. Morgan’s global payment platform PaySource. The customised solution expedites the automatic reconciliation of payments and collections, and provides MediaTek with a consolidated, live view of client receivable payments. The resulting benefits of these simplified collection and automated reconciliation processes include greater transparency and improved risk mitigation.
MediaTek plans to extend this integrated payments and collections solution to all of its overseas subsidiaries.
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