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J.P. Morgan obtains tier 1 direct clearer status
J.P. Morgan Treasury Services has announced that it has become a tier 1 direct clearer within the Australian Payments Clearing Association.
Effective in the third quarter this year, the firm stated that its tier 1 status will enhance its domestic processing capability by improving daily cut-off times and introducing additional exchanges within the market.
The firm added that its low value electronic payments will no longer be required to be cleared through a third party clearing bank.
J.P. Morgan head of treasury services Australia and New Zealand Nadia Schiavon said the status gives the firm "a head start on meeting a range of new industry imposed intra-day settlements" which are due to come into force in 2013-14.
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