1st August 2022 – J.P. Morgan Payments will be going live with multinational corporate clients using their Liquidity Cross Border Sweep product in Saudi Arabia – a first for the firm. J.P. Morgan will be the only licensed US bank operating within the country with direct clearing of SAR. Client pipeline for the rest of 2022 is more than a dozen clients who will be using this new functionality. We are open for business following this launch.
Clients with liquidity in Saudi Arabia will now be able to utilize J.P. Morgan’s sweeping capabilities to utilize balances and connect them to the rest of their liquidity pools:
- Immediate transfer of liquidity
- Move liquidity within seconds via Global infrastructure
- Eliminate overdraft costs (optimization)
- 10 customizable sweep parameters (control)
- Global scale – product present in 28 locations
- Daily reporting to provide (visibility)
For clients, cross border sweeps offers a huge opportunity to optimize liquidity in Saudi Arabia and allow clients to connect their SAR balances to global liquidity structures in London
98% of our clients SAR balances are based in Riyadh Branch; with the new cross border sweeps product, it will allow them to connect to London / 80% of client’s SAR accounts are within Riyadh Branch, and now have the ability to connect their liquidity to offshore accounts
In Q4 2021 we launched our domestic sweeping capabilities within Saudi to showcase to clients our capabilities, but our cross-border offering is a follow-on product launch.
