JP Morgan partners with Cuscal
(12 May 2010 – Australia) One of Australia's providers of wholesale transactional services to specialist retail financial institutions, Cuscal, has partnered with JP Morgan to provide its customers with a new platform to facilitate the payment and receipt of foreign currency.
The new platform will provide Cuscal's customers, including the majority of Australia's credit unions, with the ability to offer international payment transfers as a retail banking service to their members at what they believe are competitive foreign exchange rates and low transaction fees.
The service, which became operational in April 2010, is forecast to clear 70,000 inbound payments in the first year.
The new partnership leverages a longstanding relationship between Cuscal and JP Morgan.
The two parties worked together to develop a solution which takes into account Cuscal's customer requirements.
By outsourcing foreign exchange and international payments execution to J.P. Morgan, Cuscal will be able to offer customers all the functionality of a complete international payments platform without the overheads associated with running a complex global network of correspondent banks.
Adrian Lovney, general manager, Cuscal, said offering a world-class international payment solution was important to accommodate greater consumer demand, brought about by greater mobility of people around the world and more online shopping.
As business becomes increasingly global, partnering with JP Morgan now gives customers access to a complete international payments solution working with a brand that firm has trusted for many years, Mr Lovney added.
All settlements between JP Morgan and Cuscal will occur in Australian dollars. Cuscal is also able to integrate with its existing general ledger and banking platforms, reducing development cost and simplifying operational support.
Mr Tony O'Neill, head of Treasury Services Australia & New Zealand at JP Morgan, said that as the market leader in international cash management products JP Morgan was ideally placed to assist Cuscal in extending its comprehensive domestic payment suite to include a full cross border, foreign currency clearing offering.
The bank is delighted to extend its existing relationship with Cuscal and the aim is to partner with its longstanding institutional clients to tailor new solutions that will help clients take their business to the next level, said Mr O'Neill.
The service, which became operational in April 2010, is forecast to clear 70,000 inbound payments in the first year.
The new partnership leverages a longstanding relationship between Cuscal and JP Morgan.
The two parties worked together to develop a solution which takes into account Cuscal's customer requirements.
By outsourcing foreign exchange and international payments execution to J.P. Morgan, Cuscal will be able to offer customers all the functionality of a complete international payments platform without the overheads associated with running a complex global network of correspondent banks.
Adrian Lovney, general manager, Cuscal, said offering a world-class international payment solution was important to accommodate greater consumer demand, brought about by greater mobility of people around the world and more online shopping.
As business becomes increasingly global, partnering with JP Morgan now gives customers access to a complete international payments solution working with a brand that firm has trusted for many years, Mr Lovney added.
All settlements between JP Morgan and Cuscal will occur in Australian dollars. Cuscal is also able to integrate with its existing general ledger and banking platforms, reducing development cost and simplifying operational support.
Mr Tony O'Neill, head of Treasury Services Australia & New Zealand at JP Morgan, said that as the market leader in international cash management products JP Morgan was ideally placed to assist Cuscal in extending its comprehensive domestic payment suite to include a full cross border, foreign currency clearing offering.
The bank is delighted to extend its existing relationship with Cuscal and the aim is to partner with its longstanding institutional clients to tailor new solutions that will help clients take their business to the next level, said Mr O'Neill.
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