- JP Morgan Payments has announced that it will offer a cross-border liquidity service in Saudi Arabia as part of a push to help connect clients to liquidity pools in major global cities.
- Payments and banking experiences will be improved under the new system, with cash consolidation able to be brought together from multiple sources into one account, for example.
- “The enablement of cross-border sweeping, now further allows clients to connect their structures and liquidity outside of Saudi Arabia, allowing clients to extract the benefits of visibility, optimisation and control of their liquidity globally,” said a spokesperson for the firm.
JP Morgan, a major corporate provider of payments services, has confirmed that it will launch a new cross-border liquidity service in Saudi Arabia to help improve international money transfer options.
JP Morgan Payments said that it will offer the new service as part of a push to help connect clients to liquidity pools in major global cities, including London.
Users will be able to match up their balances to liquidity structures across the globe to help improve their overall banking and payments experience.
The product will allow automated cash consolidation from multiple sources into one account and also make it possible for connections to offshore structures to be found.
The ultimate goal is for cash that is sitting around in company bank accounts to be used more effectively.
“Our solution helps treasurers achieve digital transformation and provides them with a comprehensive, inter-connected and efficient cash management structure,” said Bader Alamoudi, the senior country officer for Saudi Arabia at JP Morgan.
Another spokesperson for the firm, Lori Schwartz, who serves as JP Morgan Payments’ global head of liquidity and account solutions, said that the domestic phase of the project was the first part of the offering in the region.
“Our domestic capabilities were the first phase of our liquidity sweeping offering in the region, allowing clients to concentrate funds locally and within Saudi Arabia,” she said.
“The enablement of cross-border sweeping, now further allows clients to connect their structures and liquidity outside of Saudi Arabia, allowing clients to extract the benefits of visibility, optimisation and control of their liquidity globally.”
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