As part of a strategy to save overheads, transactional banking services provider Cuscal has outsourced its foreign exchange and international payments execution to JP Morgan.
The service which became operational in April 2010 will provide Cuscal's customers with the ability to offer international payment transfers as a retail banking service to their members at competitive foreign rates.
"As business becomes increasingly global, partnering with J.P. Morgan now gives customers access to a complete international payments solution working with a brand we have trusted for many years," Cuscal general manager Adrian Lovney said.
This is an extension of its domestic payments suite arrangement with JP Morgan and is forecast to clear 70,000 inbound payments in its first year of operation.
"We are delighted to extend our existing relationship with Cuscal. Our aim is to partner with our longstanding institutional clients to tailor new solutions that will help clients take their business to the next lever," JP Morgan head of treasury services Australia and New Zealand Tony O'Neill said.
All settlement between JP Morgan and Cuscal will occur in Australian dollars.
"JP Morgan's willingness to work closely with us throughout the development and implementation of the solution provided important industry expertise on best practice in international clearing," Lovney said.
