JPMorgan invests £15 million in IT platform

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JPMorgan, the cash management, trade finance and treasury services provider, today announced it will make a $30 million (£15 million) technology investment to implement a centralised operating platform, supporting the expansion of its global treasury management and liquidity service businesses.

The company aims to use the investment to unify its product offerings, offer a consistent set of services across the world and deliver richer data and real-time reporting to clients.

Sue Webb, JPMorgan Treasury Services global core cash management executive vice president, said: "We are making a significant investment in our technology in order to support our clients' businesses around the world."

She added: "The global marketplace is where we expect to see significant growth in our business going forward and we recognise that having the most robust technology capabilities possible will be a key driver in achieving our goals."

Work to deploy the platform based on banking software systems from specialist vendor, Temenos is already underway, with pilots planned for later this year.

It will use Temenos' thin-client based T24 Model Bank system, which includes pre-configured products and processes to reduce implementation time and costs, while also minimising customisation requirements and project risk.

The system's features will allow for a single version of the T24 system to be rolled out worldwide, to provide a single client view across JPMorgan's operations. At the same time, its modular features will be used to accommodate local operational variants, like regulatory and tax requirements.

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