JPMorgan and BNP Paribas today announced that they have processed the first live interbank end-to-end transaction through the now-commercially available SWIFTNet Trade Services Utility (TSU).
The ‘full push through' TSU transaction was processed between JPMorgan in London and BNP Paribas in Hong Kong, and involved purchase order exchange/acceptance followed by invoice and transport data matching to the purchase order.
TSU was launched by SWIFT earlier this month, and this is the first live transaction that has been conducted between banks using TSU, SWIFT's new workflow and data matching engine for trade services.
Bruce Proctor, Global Trade Executive at JPMorgan, said, “All the studies show that 80% of all international trade business is handled by open account, so the launch and viability of SWIFTNet TSU is exciting because it allows banks worldwide to compete equally in the open account trade product marketplace. This culminates several years' work between the banks and SWIFT, and we believe that this new service will be the foundation for SWIFT Trade services in the future, and fully complements JPMorgan's existing technology offerings.”
Pierre Veyres, BNP Paribas' Head of Global Trade Services, said, “TSU has generated a strong interest in Asia due to importance of trade and related financial flow in the region. It's a consistent and workable backbone utility. BNP Paribas considers it in its supply chain management offering, coming from the PO/invoice information to provide inventory, receivable or payable financing. That's why BNP Paribas made it as a reality, becoming an early live adopter.”
Jackie Keogh, Head of Supply Chain at SWIFT, said, “We are delighted that the first TSU live transaction has been processed successfully, and that the TSU is open for business. The last two years have seen a tremendous cooperative approach between the banks and SWIFT. As a result, we are confident that the SWIFT community will fully utilise the new system capability going forward. Our thanks go out to all the banks concerned.”
About JPMorgan Chase Treasury Services
The Treasury Services business of JPMorgan Chase is a top-ranked, full-service provider of innovative payment, collection, liquidity and investment management, trade finance, commercial card and information solutions to corporations, financial services institutions, middle market companies, small businesses, governments and municipalities worldwide. With more than 50,000 clients and a presence in 36 countries, JPMorgan Chase Treasury Services is one of the world's largest provider of treasury management services.
About JPMorgan Chase
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $1.4 trillion and operations in more than 50 countries. The firm is a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset and wealth management, and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase serves millions of consumers in the United States and many of the world's most prominent corporate, institutional and government clients under its JPMorgan and Chase brands. Information about the firm is available at www.jpmorganchase.com.
About BNP Paribas
BNP Paribas (www.bnpparibas.com) is a European leader in banking and financial services, and ranks among the world's top 15 banks by market capitalization. It has around 140 000 employees, 110 000 of whom are based in Europe. The group occupies leading positions in three significant fields of activity: Corporate and Investment Banking, Asset Management & Services and Retail Banking. It is present in 85 countries and has a strong presence in all the key financial centres. Present throughout Europe, in all its business lines, France and Italy are its two domestic markets in retail banking. BNP Paribas enjoys a significant and growing presence in the United States and leading positions in Asia and in emerging markets.
The ‘full push through' TSU transaction was processed between JPMorgan in London and BNP Paribas in Hong Kong, and involved purchase order exchange/acceptance followed by invoice and transport data matching to the purchase order.
TSU was launched by SWIFT earlier this month, and this is the first live transaction that has been conducted between banks using TSU, SWIFT's new workflow and data matching engine for trade services.
Bruce Proctor, Global Trade Executive at JPMorgan, said, “All the studies show that 80% of all international trade business is handled by open account, so the launch and viability of SWIFTNet TSU is exciting because it allows banks worldwide to compete equally in the open account trade product marketplace. This culminates several years' work between the banks and SWIFT, and we believe that this new service will be the foundation for SWIFT Trade services in the future, and fully complements JPMorgan's existing technology offerings.”
Pierre Veyres, BNP Paribas' Head of Global Trade Services, said, “TSU has generated a strong interest in Asia due to importance of trade and related financial flow in the region. It's a consistent and workable backbone utility. BNP Paribas considers it in its supply chain management offering, coming from the PO/invoice information to provide inventory, receivable or payable financing. That's why BNP Paribas made it as a reality, becoming an early live adopter.”
Jackie Keogh, Head of Supply Chain at SWIFT, said, “We are delighted that the first TSU live transaction has been processed successfully, and that the TSU is open for business. The last two years have seen a tremendous cooperative approach between the banks and SWIFT. As a result, we are confident that the SWIFT community will fully utilise the new system capability going forward. Our thanks go out to all the banks concerned.”
About JPMorgan Chase Treasury Services
The Treasury Services business of JPMorgan Chase is a top-ranked, full-service provider of innovative payment, collection, liquidity and investment management, trade finance, commercial card and information solutions to corporations, financial services institutions, middle market companies, small businesses, governments and municipalities worldwide. With more than 50,000 clients and a presence in 36 countries, JPMorgan Chase Treasury Services is one of the world's largest provider of treasury management services.
About JPMorgan Chase
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $1.4 trillion and operations in more than 50 countries. The firm is a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset and wealth management, and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase serves millions of consumers in the United States and many of the world's most prominent corporate, institutional and government clients under its JPMorgan and Chase brands. Information about the firm is available at www.jpmorganchase.com.
About BNP Paribas
BNP Paribas (www.bnpparibas.com) is a European leader in banking and financial services, and ranks among the world's top 15 banks by market capitalization. It has around 140 000 employees, 110 000 of whom are based in Europe. The group occupies leading positions in three significant fields of activity: Corporate and Investment Banking, Asset Management & Services and Retail Banking. It is present in 85 countries and has a strong presence in all the key financial centres. Present throughout Europe, in all its business lines, France and Italy are its two domestic markets in retail banking. BNP Paribas enjoys a significant and growing presence in the United States and leading positions in Asia and in emerging markets.