JP Morgan Payments has launched a cross-border liquidity solution in Saudi Arabia, allowing customers to connect to liquidity pools in London and other international cities.
The service will provide users with a pipeline to link their balances to liquidity structures worldwide. Key features of the product include optimizing liquidity in Saudi Arabia, automating cash consolidation from multiple accounts into a single account, and maximizing links to offshore structures.
By streamlining liquidity transfer payments, the solution aims to “enable businesses to reduce idle balances and use internal cash more efficiently, improve deficit balances and eliminate overdraft fees,” said Lori Schwartz, Global Head of Liquidity and Account Solutions at JP Morgan Payments .
Bader Alamoudi, JP Morgan’s Senior Country Officer for Saudi Arabia, explains that given Saudi Arabia’s rapid financial and technological development, the product aims to meet the nation’s ambitions through diversification as set out in the Financial Services Development Program Kingdom are committed to boosting the region’s economy and strengthening its links with offshore companies.
“Our solution helps treasurers with their digital transformation and offers them a comprehensive, connected and efficient cash management structure,” continues Alamoudi.
He believes the solution will benefit Saudi Arabia in the long term by relieving the pressure built up during the pandemic to reduce risk and uncertainty through automation processes.
The Liquidity Cross Border Sweep follows the domestic sweep capability product that JP Morgan launched in the region in Q4 2021.
On expanding JP Morgan’s services in the region, Schwartz states, “Our in-country capabilities were the first phase of our liquidity elimination offering in the region, allowing clients to focus their funds locally and within Saudi Arabia. Enabling cross-border sweeping now also allows 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.”
On the future of JP Morgan Payments in the region, Alamoudi concludes that the digitization processes and real-time payment capabilities offered by the solution for both domestic and international transactions will revolutionize the region’s open banking landscape.
He adds, “We also see the need for comprehensive cash management solutions that support integration of back office systems and innovative products that cover a regional network with global connectivity.”
Commenting on JP Morgan’s growth in the region, Shahrokh Moinian, EMEA Head of Payments, said: “EMEA is a critical part of the company’s payments growth agenda. It’s an exciting place right now with a tremendous opportunity for growth. We continue to invest and commercialize our breakthrough technology investments that have been groundbreaking in a number of areas. All of this is underpinned by our efforts to modernize our platforms and invest in attracting and developing talent in the regions.”
JP Morgan Payments is expanding its business in the changing EMEA landscape, having recently hired banking veterans Brook Johnson and Malika Beri as new heads of customer service and implementations as well as sales leadership in the region.
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