J.P. Morgan, a leading global financial services firm, has launched its virtual branch in Indonesia, the second location globally where it has been rolled out.
Offered via the J.P. Morgan ACCESS® OnlineSM, the virtual branch is a fully integrated platform that provides a comprehensive suite of banking services that can be securely accessed from desktops and mobile devices. With the service, clients can submit documents digitally, initiate and approve transactions online as well as have complete visibility of all cross-border and statutory payment transactions.
“As a leader in cash management technology and the digitization of treasury solutions, J.P. Morgan is committed to developing innovative products to improve efficiencies in the way our clients operate their businesses,” said Manoj Dugar, head of Core Cash Management product for Treasury Services, Asia Pacific, at J.P. Morgan.
The launch follows the successful introduction of J.P. Morgan’s virtual branch in India last December. The number of clients in India using the service has been growing rapidly and the bank is expecting strong interest in Indonesia as well.
“Because of capital flow requirements in both countries, the submission of physical documents to facilitate payments can be a rigorous process. The virtual branch is an effective solution as it helps digitize the workflow and significantly reduces the need to be physically present at bank branches,” Mr. Dugar noted.
Further virtual branches for the region are slated to come online, with expected launches in Thailand and China in the near term.
“Along with improvements in technology, regulatory changes have also allowed banks and corporates to make virtual branches a reality. J.P. Morgan has taken a highly innovative approach in this rapidly changing environment and will continue to invest to simplify and improve the banking experience for our clients,” said Mr. Dugar.