J.P. Morgan unveils automated cross-currency payment collection and settling service

It allows invoice and collection in one currency, and payment setting in another.

J.P. Morgan Payments has launched the Accelerated Cross Currency Sweep (ACCS) solution in Asia Pacific, automating the cross-currency conversion of funds.

ACCS is supported across 10 locations, including Australia, Hong Kong and Singapore. It has the ability to convert up to 14 currencies domestically or across borders, said Tony Tsou, head of liquidity product management, APAC, J.P. Morgan.

It allows businesses to invoice and collect in one currency whilst settling payment obligations in another currency, the bank said in a press release.

Once payment cut-offs have been reached, ACCS will calculate how much money is needed to top up the local currency account. It can then automatically exchange the necessary amount at the best available rates.

Once the local currency needs are covered, any excess in the client’s functional currency can be redeployed or invested in the international market J.P. Morgan said.

This end-to-end automation is expected to reduce the risk of human error, enhance liquidity and risk management, extend operating hours and enable smarter conversion, the bank said.