Payment news, May 4

J.P. Morgan signs on for electronic bank account management, while online payment competitors team up in China.

J.P. Morgan and Swift announce account management partnership

J.P. Morgan has teamed up with Swift the Society for Worldwide Interbank Financial Telecommunications to support the delivery of electronic bank account management Ebam standards to corporate clients. The bank is one of the first to support the new ISO 20022 compliant standard that was launched two weeks ago. Targeted at corporate finance departments, Ebam allows users to streamline management of their bank accounts at multiple institutions around the globe.

Swift's Ebam initiative holds tremendous market value as a standard for J.P. Morgan clients and vendors, and works best with industry security models and open standards, said Lloyd O'Connor, managing director of J.P. Morgan...

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