US investment bank JPMorgan Chase has opened a new international image deposit centre in Shanghai, China.
JPMorgan says the centre will allow its financial institution clients to clear US dollar cash letters and lower cheque transportation costs.
Lisa Robins, SVP, head of product management, Asia Pacific, JPMorgan Chase, says: "We use state-of-the-art imaging technology to scan cheques and deposit tickets, then convert them into digital images which are transmitted to the United States for clearing. JPMorgan Chase has made the investment in the technology, so our clients don’t have to."
The new centre is part of a $100 million invesment by JPMorgan to enhance its image infrastructure and expand its depository services capabilities.
The Shanghai centre is one of six JPMorgan image deposit centres outside the US that allow financial institutions to initiate cash letter processing.