FSN: JPMorgan commits $30 million to implement treasury management and liquidity services solutions

JPMorgan commits $30 million to implement treasury management and liquidity services solutions

28th April 2008
JPMorgan, says that it will make a $30 million technology investment to implement a centralised operating platform supporting expansion of the bank's global treasury management and liquidity services businesses. The core banking solution is expected to bring uniformity to the firm's product offerings, enabling it to offer a consistent set of services across the world. Work has begun to deploy the platform with pilot efforts planned for later this year.

JPMorgan will work with Temenos, a global provider of banking software systems, to implement the new platform. In addition to this $30 million commitment, the firm will make additional significant technology investments to support international expansion.

"The global marketplace is where we expect to see significant growth in our business going forward, and we recognize that having the most robust technology capabilities possible will be a key driver in achieving our goals," stated Sue Webb, executive vice president, global core cash management, JPMorgan Treasury Services. "We are making a significant investment in our technology in order to support our clients' businesses around the world. Working with an industry-leading software provider like Temenos will enable us to meet our clients' evolving needs, regardless of where they do business."

JPMorgan will use Temenos' T24 Model Bank solution, which includes pre-configured products and processes which Temenos says will reduce implementation time and costs, minimises customisation and lower project risk.

About Us