Joe Baker
Senior Copywriter
Joe is a senior copywriter working on reports, news and analysis. He previously worked as a B2B copywriter, journalist and editor, covering a wide range of topics including technology, transportation,… Read more
- JP Morgan Payments has announced that it will offer a cross-border liquidity service in Saudi Arabia to help customers connect to liquidity pools in major world cities.
- Payment and banking experiences will be enhanced under the new system, for example by allowing cash consolidation from multiple sources to be consolidated into one account.
- “Enabling cross-border sweeping now enables clients to connect their structures and liquidity outside of Saudi Arabia, allowing clients to reap the benefits of transparency, optimization and control of their liquidity globally,” a spokesman for the firm said.
JP Morgan, a major corporate payment services provider, 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 it will offer the new service as part of a push to help customers connect liquidity pools in major world cities, including London.
Users can reconcile their balances with liquidity structures around the world to improve their overall banking and payment experience.
The product enables automated consolidation of cash from multiple sources into one account and also allows locating links to offshore structures.
The ultimate goal is to use cash lying around in company accounts more effectively.
“Our solution helps treasurers with their digital transformation and provides them with a comprehensive, connected and efficient cash management structure,” said Bader Alamoudi, senior country officer for Saudi Arabia at JP Morgan.
Another company spokeswoman, Lori Schwartz, who serves as global head of liquidity and account solutions at JP Morgan Payments, said the domestic phase of the project is the first part of the offering in the region.
“Our domestic capabilities were the first phase of our liquidity offering in the region and enabled clients to concentrate their funds locally and within Saudi Arabia,” she said.
“Enabling cross-border sweeping now also enables clients to connect their structures and liquidity outside of Saudi Arabia, allowing clients to reap the benefits of transparency, optimization and control of their liquidity globally.”
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