J.P. Morgan has launched its E-Customs Payment Solution, making it the first foreign bank in China to offer a solution that fully digitises and automates cross-border payments of goods.
Importers in China are required to provide supporting documents to their banks prior to making payments to overseas suppliers.
With the E-Customs Payment Solution, J.P. Morgan’s clients in China will only be required to send the payment instructions with linked customs declaration number.
Using application programming interface technology, J.P. Morgan’s E-Customs Payment Solution will then retrieve the relevant customs declaration status from the local authorities via the Shanghai international trade single window in real time and process the payments automatically.
Clients will be able to keep track of their payments through J.P. Morgan Access at all times.
Rani Gu, head of treasury services, China and head of treasury services product, Greater China, wholesale payments at J.P. Morgan, said: “We are pleased to roll out an innovative solution that enables the full digitisation of cross-border payments, which we view as a milestone and one that addresses our clients’ specific needs amid a rapidly-evolving treasury landscape.”
She added: “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”.
