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Bank Mega Selects JP Morgan For Currency Clearing Services

JP Morgan has been selected by Indonesia-based PT Bank Mega to provide clearing services for both its commercial and treasury payment flows with JP Morgan's US Dollar Clearing - Asia Direct solution and payment-versus-payment settlement services for foreign exchange transactions.

By using JP Morgan’s US Dollar Clearing – Asia Direct solution, PT Bank Mega’s (Bank Mega) clients will be able to make faster payments to beneficiaries in Mainland China and Hong Kong. The solution provides direct access to multiple regional and in-country US Dollar clearing systems in Mainland China, Hong Kong, Japan and Taiwan from a single US Dollar account.

JP Morgan’s Asia Direct clients are not required to establish separate accounts in each country of clearing, resulting in better cash concentration, simplified funding arrangements and decreased time spent on reconciliation activities.

In addition, Bank Mega has also selected JP Morgan’s payment-versus-payment settlement services for its foreign exchange transactions in Indonesia. This new clearing service provides simultaneous delivery of Indonesian Rupiah and US Dollar currencies within the same Asia business day, thereby enabling Bank Mega to mitigate foreign exchange settlement risk, improve its liquidity management and increase its operational efficiency.

JB Kendarto, president and director of Bank Mega, said: “We are pleased to be working with JP Morgan to provide our clients with access to innovative value-added services such as JP Morgan’s US Dollar Clearing – Asia Direct service and we will continue to look for ways to surpass our clients’ expectations.”