SWIFT, the financial messaging provider for more than 10,000 banking organisations, securities institutions and corporate customers in 212 countries and territories, today announced J.P. Morgan is the first global institution and the first in the Americas' region to sign up for MyStandards. MyStandards is the new, collaborative web-based application designed to facilitate the management of global standards and related market practices across the financial industry.
J.P. Morgan was an active member of SWIFT's pilot program for the solution, beginning in June of last year. The bank initially plans to use MyStandards for corporate cash management that will encompass all message types used by clients of the bank, including MT and MX messages, as well as payment initiation and statements.
Robert Blair, Managing Director, J.P. Morgan Treasury Services said: "Through our experience with the MyStandards pilot we've seen firsthand the benefits available, specifically for cash management, and are pleased that both J.P. Morgan and our clients will benefit from this new tool. By providing a straightforward way for our customers to access standard usage information we are enabling improved efficiency."
MyStandards supports the base FIN and ISO 20022 standards, as well as the market practice information. The platform helps financial institutions, market practice groups; market infrastructures and corporations reduce the time, resources and risks involved in the implementation of standards.
Let's hope MyStandards delivers. Cash management standards really need something that makes a difference. The 'new, collaborative web-based application designed to facilitate the management of global standards and related market practices across the financial industry' just might.
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