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CUSTODY & CLEARING | Tony Chua, Indonesia

Bank Mega picks J.P. Morgan for clearing services

Lender will use J.P. Morgan's U.S. Dollar Clearing – Asia Direct and Payment-Versus-Payment Settlement solutions.

J.P. Morgan on Wednesday in its report announced that it has been selected by PT Bank Mega Tbk. (Bank Mega), one of Indonesia's leading financial institutions, to provide clearing services for both its commercial and treasury payment flows with J.P. Morgan's U.S. Dollar Clearing – Asia Direct solution and payment-versus-payment (PvP) settlement services for foreign exchange transactions.

By using J.P. Morgan's U.S. Dollar Clearing – Asia Direct solution, Bank Mega's clients are able to make faster payments to beneficiaries in Mainland China and Hong Kong. J.P. Morgan's U.S. Dollar Clearing – Asia Direct solution is the first and only payment solution to provide direct access to multiple regional and in-country U.S. Dollar clearing systems in Mainland China, Hong Kong, Japan and Taiwan from a single U.S. Dollar account. J.P. Morgan's Asia Direct clients are not required to establish separate accounts in each country of clearing, resulting in better cash concentration, lower fees, simplified funding arrangements and decreased time spent on reconciliation activities. J.P. Morgan's U.S. Dollar Clearing – Asia Direct solution also helps Bank Mega's clients to grow their business through improved relationships with their counterparties.

Bank Mega has also selected J.P. 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 U.S. 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.

J.P. Morgan offers a wide range of commercial and treasury payment services to financial institutions and corporate clients in Indonesia. J.P. Morgan is also the world's largest U.S. Dollar clearing and commercial bank.

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