Jason Tan

J.P. Morgan has announced the launch of E-Customs Payment Solutions in China, in a bid to provide a fully digital and automated cross-border payment of goods.

“J.P. Morgan’s E-Customs Payment Solution has significantly improved our operational efficiency with time and resource savings and reduced manual inaccuracies while keeping our business fully compliant. We have been able to make comprehensive business decisions from a treasury perspective as a result,” said Jason Tan, Head of Treasury & Credit Management, Asia, Continental AG.

According to the bank, the new solution will allow J.P. Morgan’s clients to send the payment instructions with linked customs declaration number, retrieve the relevant customs declaration status and keep a track of their payments through J.P. Morgan Access.

“We are pleased to roll out an innovative solution that enables the full digitization of cross-border payments, which we view as a milestone and one that addresses our clients’ specific needs amid a rapidly-evolving treasury landscape. As a global leader in cash management, J.P. Morgan has been investing heavily in this space to better serve our clients and we continue to invest and set a new benchmark for innovation in the banking industry,” said Rani Gu, head of Treasury Services, China and head of Treasury Services Product, Greater China, Wholesale Payments, J.P. Morgan.

by Megha Bhattacharya
Market Analyst at IBS Intelligence