J.P. Morgan Payments has just launched its Liquidity Cross Border Sweep product in Saudi Arabia, aimed at multinational corporate clients. This is a first for the firm, following hot on the heels of the domestic-only product launch earlier this year.
With this new cross-border functionality, J.P. Morgan will be the only licensed US bank operating within Saudi Arabia with direct clearing of SAR. The pipeline for the rest of 2022 suggests that more than a dozen of the bank’s clients will be using this new product.
Thanks to this innovation., clients with liquidity in Saudi Arabia will now be able to utilise J.P. Morgan’s sweeping capabilities to utilise balances and connect them to the rest of their liquidity pools. The product offers:
- Immediate transfer of liquidity
- The ability to move liquidity within seconds via a global infrastructure
- Elimination of overdraft costs (optimisation)
- 10 customisable sweep parameters (control)
- Global scale – product present in 28 locations
- Daily reporting (visibility)
For corporate treasurers, cross border sweeps offer a huge opportunity to optimise liquidity in Saudi Arabia and allow clients to connect their SAR balances to global liquidity structures elsewhere.