Following successful roll-outs in Europe, JPMorgan has announced the opening of its first international image deposit centre (IDC) in Asia, with the operations to be based in Shanghai The newly-forged centre will join JPMorganÆs existing network of six other IDCs outside the US, and will allow its financial institution clients to clear their US dollar cash letters, lower cheque transportation costs and increase both operational and risk efficiency in cheques
Its new location in ChinaÆs commercial hub will enable financial institutions in that market to streamline cheque clearing through imaging technology The US dollar cheques are first scanned and then converted into digital imagery and then transmitted to the US for clearing
According to JPMorgan,...
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