JPMorgan Treasury Services has launched a cross border intra-day cash sweeping service, offering customers optimal cash concentration and improved liquidity management.
Sweeping, the automated movement of funds between a subsidiary account and a concentration account has traditionally only been performed as an end-of-day event.
JPMorgan's new intra-day cash sweeps, based on real-time account balances, can be scheduled and completed prior to other important cut-off times, such as those applicable at the concentration account location or relating to an onward investment opportunity before markets close. JPMorgan says that clients who subscribe to the service may be able to reduce the size of credit lines used to support intra-day payments and investments.
The service is available on a cross border basis for both US dollars and euro.