US based investment bank JP Morgan has inked a deal with Belgium’s Society for Worldwide Interbank Financial Telecommunication (SWIFT) to adopt its MyStandards platform, in an effort to streamline operations in the country.
Designed on an collaborative web-based application, the system enables firms to leverage the management of global standards and related market practices across the financial industry.
The firm will initially introduce the system for its corporate cash management to cover all message types used by clients of the bank, including MT and MX, as well as payment initiation and statements.
SWIFT standards research and development head Marc Delbaere said the application enables financial institutions to describe their usage of standards across their business to customers and partners in a simple and easy manner.
Supporting the base FIN and ISO 20022 standards and market practice information, the platform also helps in reducing time, resources and risks involved in their implementation process.
The financial messaging provider delivers communications platform, products and services for more than 10,000 banking organizations, securities institutions and corporate customers in 212 nations and territories.
JP Morgan treasury services, a division of JPMorgan Chase Bank, provides cash management, trade, liquidity and escrow services to over 135,000 corporations, financial institutions among others in more than 180 geographies and territories.