JP Morgan Treasury Services becomes direct clearer
JP Morgan Treasury Services has announced that it has become a Tier 1 direct clearer within the Australian direct entry payments system.
The company said the Tier 1 status within the Australian Payments Clearing Association would be effective from the third quarter of this year, and would enhance JP Morgan’s domestic processing capability – with the firm no longer required to clear low value electronic payments through a third party clearing bank.
Commenting on the achievement, JP Morgan head of treasury services in Australia and New Zealand Nadia Shiavon said the Tier 1 status would deliver significant benefits to clients.
She said these benefits included improved daily cut-off times, the introduction of additional exchanges with the market, and a resilient transaction processing framework.
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