JPMorgan is seeking to do away with faxes.
The bank’s asset-management clients are being encouraged to adopt computer-based automated fund-transaction technology called fund order routing and settlement services.
Since March 12, JPMorgan clients with 400 investment accounts have been using the technology instead of writing a fax to the bank’s custodial department to buy or sell an asset-management product.
Now JPMorgan will try and encourage its 70 clients that have 1600 investment accounts to ditch faxes in favour of the internet portal that can track settlement processes and proceeds.
On average the bank processes 20,000 of these types of transaction a year for its Australian and New Zealand clients, whose instructions historically were all faxed.
“Automating processes is compelling for risk reduction,” says David Braga, a managing director in JPMorgan’s worldwide securities services unit.
Braga hopes to complete the automation of fund order routing and settlement by September 30 this year for JPMorgan’s Australian and New Zealand customers.