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Swift, the international bank consortium, is trying to lead by example. The first product of its incubator may not transform banking, but meets an important test of any innovation: usefulness.
May 30
A member-owned cooperative through which financial institutions exchange messages has added the nation's biggest bank to a new system for managing standards that govern transactions.
The Society for Worldwide Interbank Financial Telecommunication, known as Swift, said Thursday that JPMorgan Chase (JPM) has signed up for MyStandards, a web-based platform that enables banks to identify and interpret standards-related information. According to Swift, MyStandards helps banks cut time, resources and risks involved in the implementation of standards.
Swift said JPMorgan Chase, which participated in a pilot of MyStandards beginning in June 2011, plans to use the platform for corporate cash management, payment initiation and statements.
"Through our experience with the MyStandards pilot we've seen firsthand the benefits available, specifically for cash management, and are pleased that both JPMorgan and our clients will benefit from this new tool," Robert Blair, managing director for the bank's treasury services, said in a news release. "By providing a straightforward way for our customers to access standard usage information we are enabling improved efficiency."
"MyStandards makes it very easy for financial institutions to describe their usage of standards across their business," Marc Delbaere, Swift's head of standards research and development, added in a news release. "They can provide this information to their customers and partners in the simplest way, effectively making it easier to do business with them."
JPMorgan Chase is the first American bank to use MyStandards, according to Swift.
