JP Morgan has enhanced its US Dollar Clearing – Asia Direct solution to further assist clients seeking fast and efficient means of making and receiving US dollar payments to and from banks in Asia. As part of the enhancements, clients now have direct access to a larger number of banks as the solution’s coverage, which includes China, Hong Kong, Taiwan and Japan, has been expanded to direct members of the Philippines’ Domestic Dollar Transfer System (PDDTS).
In addition, clients that once could only make US dollar payments to Asia are now also able to receive US dollar wire payments through the local US dollar clearing systems without maintaining a US dollar account within Asia. By accelerating receipts, clients benefit from a reduction in the number of days of sales outstanding (DSO) and consolidated liquidity while realising cost savings through reduced maintenance and reconciliation of separate accounts in each country of collection. In addition, by optimising working capital, clients have the flexibility to take advantage of other opportunities to maximise returns. Without Asia Direct, clearing US dollar payments to and from Asia typically can take two to five days, costing businesses valuable opportunities to maximise their liquidity.
“As a result of using JP Morgan’s settlement system, combined with improved web service by NCB, we have launched a new online cash transfer service called NCB FX Super Direct that enables clients to send US dollar payments to China as quickly as one day rather than the two to four days it has taken in the past,” said Shinya Hirota, general manager, international business division, Nishi-Nippon City Bank. “We are proud to be the only bank in Japan offering this service.”
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