The leading global financial institution, J.P. Morgan Chase & Co., has announced the launch of a fully digitized e-customs payment solution, offering an automated platform for cross-border payments in China, as reported by news outlet Global Trade Review.
The payment solution will reportedly address weaknesses associated with the manual processing of such transactions within the conventional banking system.
In China, importers are required to provide supporting documents to banks in order to make payments to suppliers outside the country. This process is often labor-intensive and time-consuming.
The e-customs payment solution aims to address these issues by allowing J.P. Morgan’s clients in China to send their payment instructions with only the associated customs declaration form number. With Application Programming Interface (API) technology, J.P. Morgan’s e-customs payment solution will be able to perform real-time validation of the given number and provide access to relevant information in collaboration with the local authorities via the Shanghai International Trade Single Window.
J.P. Morgan has been exploring the potential of new technologies, such as blockchain and artificial intelligence (AI), applying new technologies to enhance its operations.
Its e-customs payment solution will supposedly attract importers in China with faster and more reliable payments. Rani Gu, J.P. Morgan’s head of Treasury Services, China and head of Treasury Services Product, Greater China called the digital solution a milestone for the company.
“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,” Gu said.
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