JP Morgan Launches Cross-border Liquidity Solution in Saudi Arabia

JP Morgan Payments has launched a cross-border liquidity solution in Saudi Arabia, allowing clients to connect to liquidity pools in London and other international cities.

The service will provide users with a pipeline to link their balances to liquidity structures worldwide. The main features of the product include optimising liquidity in Saudi Arabia, automating cash consolidation from multiple accounts into a single account, and maximising connections to offshore structures.

By optimising liquidity transfer payments, the solution aims to "enable companies to reduce idle balances and use internal cash more efficiently, improving deficit balances and eliminating overdraft fees," explains JP Morgan Payments global head of liquidity and account solutions, Lori Schwartz.

JP Morgan's senior country officer for Saudi Arabia, Bader Alamoudi, explains that given the fast-paced financial and technological development taking place in Saudi Arabia, the product aims to match the ambitions of the nation as set in the Kingdom's Financial Services Development Program by diversifying the region's economy and strengthening its connections to offshore firms.

"Our solution helps treasurers achieve digital transformation and provides them with a comprehensive, inter-connected and efficient cash management structure," Alamoudi continues.

He believes that the solution will benefit Saudi Arabia in the long-term by alleviating pressure built up during the pandemic in reducing risk and uncertainty through automisation processes.