Payment news, November 16

J.P. Morgan improves its foreign exchange solution, while Citi opens its largest branch in Hong Kong.

J.P. Morgan enhances foreign exchange solution

J.P. Morgan has enhanced its foreign exchange solution by allowing its customers to make Automated Clearing House (ACH) payments to 40 countries in 19 currencies from a single account. The bank said that additional currency capabilities will be added to the solution in the near future.

“J.P. Morgan continues to invest in its foreign exchange services to help clients cut payment costs while improving operational efficiency on a global scale,” said Traci Filler, managing director of foreign exchange at J.P. Morgan treasury services, in a statement. “By expanding our cross-border ACH capabilities, J.P. Morgan’s clients now have more currency and low value payment options. Clients also benefit from lower transaction, foreign exchange and reconciliation costs associated with using a single account rather than maintaining multiple local accounts globally.”

The new enhancements will enable the bank’s corporate clients to cut costs and simplify cross-currency ACH payments.

Citi opens flagship branch in Kowloon

Citi has opened its largest branch in Hong Kong bringing its tally in the city to 43 branches in total. The new flagship branch, situated in Mong Kok, Kowloon, will house the new Express Banking centre.

“I am very excited to see the rapid expansions of our franchise in Hong Kong through this innovative Smart Banking branch that underlines our continued investment in technology to support our clients,” said Vikram Pandit, chief executive of Citigroup, in a statement. “This Mong Kok branch is our biggest in Hong Kong, and one of the largest in the region. Our continuing investment in key markets such as Hong Kong underlines our commitment to invest across the Asia-Pacific region to support the growth of our franchise.”

The new branch will offer a myriad products and services including trade and cash management services and the bank said several additional new branches are set to open.

Fundtech announces upgrades to cash management system

Global transaction banking solutions provider Fundtech has announced the implementation of new enhancements to its cash management system Cashplus. Changes include the introduction of SmartNav, which allows users to increase productivity and personalisation, and a complete overhaul of the user interface.

“We have redefined the notion of user experience with SmartNav because it provides a new level of convenience, personalisation and productivity,” said Ed Gainer, senior vice president of Fundtechs North American cash management business, in a statement. “We have built upon the existing strong foundation of Cashplus and now are offering the market a cash management system that can lower operating costs through system consolidation while providing the most innovative user experience – a winning combination.”

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