While importers in China must provide supporting documents to their banks before making payments to overseas suppliers, the E-Customs Payment Solution requires JPMorgan’s clients in China to only send the payment instructions with a linked customs declaration number. Through the use of API technology, the tool will then retrieve the customs declaration status from the local authorities, via the Shanghai International Trade Single Window, in real time to process the payments automatically.
“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, JPMorgan 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 for China and head of Treasury Services Product for Greater China at JPMorgan, in a statement.
“JPMorgan’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,” added Jason Tan, head of Treasury & Credit Management for Asia at Continental AG, which is currently implementing the E-Customs Payment Solution.
JPMorgan has been exploring how technologies, such as blockchain and AI, and an enhanced digital experience can be deployed to better serve its clients’ needs. In fact, the bank spends more than $11.5 billion on technology annually, with a significant portion invested in new technologies.