JPMorgan API Enables Digital Cross Border Payments
(China - 20 June 2019) JPMorgan is targeting China's importers with a digital platform designed to streamline payments and paperwork after unveiling its latest digital payments platform. Importers in China can digitise their cross border purchases with the bank’s 'E-Customs Payments Solution'.
Under the current system, importers in the mainland have to supply supporting documents before transferring cash to overseas suppliers, a cumbersome process considering the large volume of daily transactions by larger companies. This outdated method requires the manual preparation and delivery of documents to banks which can often result in errors.
With JPMorgan’s new platform treasurers will be relieved of this mundane task which harnesses application programming interface (API) technology. Treasurers will have full visibility over the flow of cross border payments through a function called 'JPMorgan Access' set to go live by the end of June 2019.
JPMorgan and other gobal banking majors have sharpened their focus on trade finance and treasury businesses in a bid to capture growing demand for these services despite uneven and uncertain revenues from mainstay M&A advisory flows. Goldman Sachs is building a cash management team and plans to serve mid-sized corporates in that area by 2020.
“With the E-Customs Payment Solution, JPMorgan’s clients in China will only be required to send the payment instructions with linked customs declaration number. Using Application Programming Interface (API) technology, JPMorgan’s E-Customs Payment Solution will then retrieve the relevant customs declaration status in detail from the local authorities via the Shanghai International Trade Single Window in real time and process the payments automatically" a spokeperson for the bank stated.