It will utilise a linked customs declarations number.
JPMorgan unveiled its digitised and automated cross-border payment of goods in China called E-Customs Payment Solution.
The solution will require clients in China to send the payment instructions with a linked customs declaration number. Using Application Programming Interface (API) technology, the E-Customs Payment Solution will then retrieve the relevant customs declaration status from the local authorities via the Shanghai International Trade Single Window in real time and process the payments automatically.
Clients will be able to keep track of their payments through JPMorgan Access at all times.
“JPMorgan’s E-Customs Payment Solution has significantly improved our operational efficiency with time and resource savings and reduced manual inaccuracies whilst keeping our business fully compliant,” said Jason Tan, head of treasury & credit management, Asia, Continental AG. “We have been able to make comprehensive business decisions from a treasury perspective as a result.”
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