JP Morgan has just announced a new global clearing offering, Wire365, which supports a full range of global USD remittances and operates 24/7.
“While our clearing systems, such as the US Federal Reserve’s Fedwire, are not currently operational 24/7, we will be prepared,” says Gayatri Vasudev, global head of cross-border payments at JP Morgan.
“This is an always-on ecosystem and it will be a fantastic outcome, but our customers will immediately benefit from payment processing across a global network of 4,000 institutions,” continues Vasudev.
Wire365 facilitates the cross-border movement of funds beyond traditional processing restrictions, with expanded clearing windows to support clients in local time zones. This improves the customer experience in Asia Pacific and the Middle East, while optimizing working capital and liquidity between institutions and branches, even on weekends and holidays.
“With Wire365, we are improving productivity for customers, especially those constrained by traditional banking hours. Customers already banking with us can immediately benefit from increased efficiency and faster payment processing without any implementation delays,” says Ciaran Byrne, Head of Global Clearing Products and Transformation at JP Morgan Payments.
As the world’s number one clearer of the US dollar, Vasudev says it is important that JP Morgan can make payments cheaper, faster and better. “One way to do this is to settle the bet in real time. It’s not just the speed of payment, she says, but also instant confirmation. It’s not just about being able to make payments, it’s about your bank’s willingness to pay you back.”
Looking ahead, she continues: “We think the ideal will be to have always-on, real-time networks where you don’t have to worry about system outages and programmable charges. But for now, we are still investing in the traditional business, but we also have one foot in the future so that when our clients and other banks are ready, we can move them to new platforms if necessary.”