Investment bank JPMorgan Chase has opened an international image deposit center in Shanghai, China. The center will allow the bank’s financial institution clients to clear US dollar cash letters and lower check transportation costs without changing their cash letter operations.
The Shanghai image deposit center is the seventh JPMorgan center to be opened outside the US that allows financial institutions to initiate cash letter processing.
JPMorgan says it uses imaging technology to scan and deposit tickets, then converts them into digital images which are transmitted to the US for clearing. As a result, courier costs associated with transporting checks are avoided.
The bank recently invested over $100 million to enhance its image infrastructure and expand its depository services capabilities.
Lisa Robins, SVP, head of product management for the Asia Pacific region at JPMorgan Chase, comments, As the largest US dollar clearer in the world and the second largest check processor in the US, we have the scale and efficiencies to help our financial institution clients streamline their daily processes and keep costs down.