JPMorgan Treasury Services and Fundtech have entered into a partnership by which JPMorgan will provide Fundtech's global payment processing software to its foreign exchange services customers. For the smaller banks that use JPMorgan's foreign exchange services, the new software is meant to be easier, more efficient and less subject to human error. What Fundtech gains from the arrangement is the ability to offer JPMorgan's foreign exchange services to its other clients.
The bank has built an interface between its FX platform and Fundtech's Payplus payment hub software. It will now invite banks that use its foreign exchange services to connect through Payplus. The bank will also be able to offer new services through the new platform, such as cross-border payments, and potentially process more foreign exchange payments.
Fundtech's Payplus software provides end-to-end processing for domestic wires. Partnering with JPMorgan will let Fundtech offer foreign exchange services in more than 135 currencies and other international commercial payment capabilities, including expedited payments to and from Asia.
