J.P. Morgan Seeks to Ease China Customs Payments Through New E-Customs Offering
J.P. Morgan now offers an E-Customs Payment Solution meant to make it easier to make cross-border payments, the company said in an emailed June 20 news release. "Importers in China are required to provide supporting documents to their banks prior…
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to making payments to overseas suppliers, a process that is often labor-intensive and time-consuming," the company said. "With the E-Customs Payment Solution, J.P. Morgan’s clients in China will only be required to send the payment instructions with linked customs declaration number. Using Application Programming Interface (API) technology, J.P. Morgan’s E-Customs Payment Solution will then retrieve the relevant customs declaration status in detail from the local authorities via the Shanghai International Trade Single Window in real time and process the payments automatically."