In recognition of industry leadership through innovation, global solutions and superior service, JPMorgan Chase was ranked the number one trade bank for back office processing and supply chain management in a new reader's poll conducted by Global Trade Review (GTR).
GTR asked readers by email who they saw as the best trade banking provider of processing and supply chain solutions. The top five were JPMorgan Chase, HSBC, Deutsche Bank, Standard Chartered Bank, and ABN AMRO, with particularly strong voting coming in from Asia and North America, said the editors.
In an article accompanying the published poll results in GTR's October/November issue, Bruce Proctor, head of global trade services at JPMorgan Chase, noted that in the current trade environment, where end-to-end supply chain financing is the primary goal of corporates, banks and third party service providers are under increasing pressure to operate within integrated trade management models that are time- and cost-efficient.
"Clients require us to provide settlement, financing, information, and - in a rapidly evolving Internet sales world - a trusted third party capability for buyers and sellers who are not familiar with each other," said Proctor.
With the acquisition of Vastera, a managed services and logistics firm, in April 2005, JPMorgan Chase is positioned to provide a full array of outsourced operational services, differentiating its trade business through the ability to work with companies of all sizes to bring notable efficiencies to their supply chain.
"We try to follow our clients' requests," Proctor added, "and attention to detail can be a critical differentiator. But we also have a forward view of the market. We have a reputation for finding and offering innovative solutions, and having the flexibility to enhance our offerings as the market changes."