JPMorgan Releases Cross-Border Liquidity Solution in Saudi Arabia
(10 August 2022 – Saudi Arabia) JPMorgan has launched a cross-border liquidity solution in Saudi Arabia, allowing clients to connect to liquidity pools in London and other international cities.
The service will enable clients to link their balances to liquidity structures worldwide. The main features of the product include optimising liquidity in Saudi Arabia, automating cash consolidation from multiple accounts into a single account, and maximising connections to offshore structures. The Liquidity Cross Border Sweep follows the domestic sweeping capability product that JP Morgan rolled out in the region in Q4 2021. JPMorgan Payments is currently developing its business in the shifting EMEA landscape, having recently installed new heads of client service and implementations and sales leadership in the region with banking veterans Brook Johnson and Malika Beri respectively.
“By optimising liquidity transfer payments, the solution aims to enable companies to reduce idle balances and use internal cash more efficiently, improving deficit balances and eliminating overdraft fees” commented JPMorgan Global Head of Liquidity and Account Solutions, Lori Schwartz.