J.P. Morgan has announced the launch of 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. The solution solves common pain points associated with the manual nature of such transactions.
Importers in China are required to provide supporting documents to their banks prior to making payments to overseas suppliers, a process that can be labour-intensive and time-consuming. 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 (API) technology, the solution will then retrieve the relevant customs declaration status in detail 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.
J.P. Morgan says it has been actively exploring how emerging technologies such as blockchain, AI, and an enhanced digital experience can be deployed in its payments business to better serve its clients’ ever changing needs. The bank spends more than US$11.5bn in technology across the firm annually, a significant portion of which is invested in new technologies. J.P. Morgan’s Treasury Services business processes up to US$6 trillion in payments a day in over 100 currencies across over 60 countries.