JP Morgan Unveils APAC Currency Sweeping Solution

JP Morgan Payments launched what it says is a brand new Accelerated Cross Currency Sweep (ACCS) solution in Asia Pacific, a product designed “to revolutionise how multinational corporations manage their financial operations across different currencies”.

The bank says the solution will deliver “significant” cost and operational efficiencies, to international businesses navigating the complexities of local transactions. ACCS is supported across 10 locations, including Australia, Hong Kong and Singapore, and has the ability to convert up to 14 currencies domestically or across borders.

The solution automates the conversion of funds, allowing businesses to invoice and collect in one currency while settling payment obligations in another. Once payment cut-offs have been reached, ACCS calculates how much money is needed to top up the local currency account. It then automatically exchanges the necessary amount at “the best available rates.”

Once the local currency needs are covered, any excess in the client’s functional currency can be redeployed or invested in international markets. This end-to-end automation reduces risk of human error, enhances liquidity and risk management, extends operating hours and enables smarter conversion, the bank states.

“By simplifying currency management, we are supporting businesses to operate more efficiently and effectively in today’s dynamic global marketplace,” says Paul van Sint Fiet, head of cross-currency solutions, Asia Pacific. “ACCS is already providing significant benefits with regards to currency needs, while meeting critical payment obligations.”