Payment news, October 26

J.P. Morgan streamlines US dollar payments to and from Asia, while Standard Bank introduces renminbi settlement services.

J.P. Morgan enhances Asia Direct

J.P. Morgan has enhanced its Asia Direct US dollar clearing solution by adding more banks to the solution’s coverage. Customers now have direct access to members of the Philippines’ Domestic Dollar Transfer System. In addition, customers who could only make US dollar payments to Asia in the past are now also able to receive US dollar wire payments through the local US dollar clearing systems without maintaining a US dollar account within Asia.

“Asia Direct helps our clients re-examine their payment flows across the region and provides a solution that recognises that payments and collections are faster when settlement occurs locally,” said Susan Webb, executive vice-president at J.P....

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