Tag: J P Morgan

Central Bank of Bahrain, Bank ABC, and J.P. Morgan to partner on digital currency settlement solution, BFSI News, ET BFSI

Banking & Finance

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CBB is partnering with J P Morgan and Bank ABC in a pilot scheme to introduce instantaneous cross border payment solution leveraging state of the art technology and digital currency.

For payments from buyers to suppliers, Bank ABC and J.P. Morgan will pilot the transfer of funds in US dollars from and to the Kingdom of Bahrain. As a result, suppliers will be paid faster, and buyers will be able to make payments in shorter periods of time holding funds in advance. The Central Bank of Bahrain will act as a close partner in the pilot between Bank ABC and J.P. Morgan and going forward would look to extend the collaboration to Central Bank Digital Currencies (CBDCs).

Ali Moosa, Vice Chairman of Wholesale Payments at J.P Morgan, said, “JP Morgan ONYX has been setup with the mandate to lead the buildout of next generation clearing and settlement infrastructures, and we are excited to collaborate with a leading central bank and regulator like the CBB, as well as an innovation-focused partner like Bank ABC, to do so.”

Bank ABC’s Deputy Group CEO, Mr. Sael Al Waary commented, “We’re excited to work with the CBB and JP Morgan on this groundbreaking pilot to build a more efficient payments infrastructure that addresses current cross-border payment limitations. We anticipate significant changes around the world as a result of digital currencies, which will be critical in enabling future digital economies.”

H.E. Rasheed Al-Maraj, Governor of the Central Bank of Bahrain, said, “The Central Bank of Bahrain is delighted to announce this partnership, which is in line with our vision and strategy of continuously developing and enriching the capabilities extended to stakeholders in the Kingdom’s financial services sector through emerging technologies. Through this pilot with J.P Morgan and Bank ABC, we aspire to address the inefficiencies and pain-points which exist today in the traditional cross-border payments arena.”



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J.P. Morgan ties up with BillDesk for online payments partnership, BFSI News, ET BFSI

Banking & Finance

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Payments aggregator BillDesk on Monday announced a partnership with global financial institution J.P. Morgan to offer online payments solutions to the bank’s corporate clients in India.

Through this partnership, J.P. Morgan’s clients in India will be able to independently initiate statutory and utility payments online with more than 100 merchants that BillDesk partners with, securely and without additional manual assistance from their partner banks.

The solution integrates BillDesk’s payments platform with the J.P. Morgan Access banking portal, and uses application programming interface (API) technology to authenticate and verify payments instantaneously, allowing payments to be executed in real time.

“This partnership is a great example of J.P. Morgan’s commitment to leverage local innovation to offer a simplified payment experience to corporates,” said Guhaprasath Rajagopal, head of Wholesale Payments for India, J.P. Morgan. “In the past, the initiation of statutory and utility payments required our clients to engage in fairly manual processes.”

The process is fully automated and the bank claims that corporates can fulfill their statutory and utility payment obligations in a secure and convenient manner, while saving on time and costs.

“Our platform combines leading-edge technology with extensive expertise to offer reliable and powerful payment processing solutions to digitize day-to-day payments of corporates in India,” said Karthik Ganapathy, director and co-founder of BillDesk.



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Banks may take up to $10-billion hit on Archegos loss: JPMorgan

Banking & Finance

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Banks roiled by the Archegos Capital fallout may see total losses in the range of $5 billion to $10 billion, according to JPMorgan.

Losses from trades unwinding related to Archegos will be “very material” in relation to lending exposure for a business that is mark-to-market and holds liquid collateral, analysts led by Kian Abouhossein wrote in a note. They added that Nomura Holdings Inc’s indication of potentially losing $2 billion and press speculation of a $3 billion to $4 billion loss at Credit Suisse AG is “not an unlikely outcome.”

Analysts and investors are trying to figure out the final losses to banks exposed to the Archegos implosion, with the task made harder by the opaque nature of the leveraged trading involved. JPMorgan had previously estimated losses in the range of $2 billion to $5 billion.

“We are still puzzled why Credit Suisse and Nomura have been unable to unwind all their positions at this point,” the analysts wrote, adding that they expect to see full disclosures from lenders by the end of this week.

Credit Suisse Girds for Billions in Losses From Archegos Hit

The analysts advised investors to keep an eye on credit agencies statements as they expect poor risk management to be an issue.

That’s an emerging theme at Credit Suisse, where executives are expecting the loss related to Archego to run into the billions, according to people with knowledge of the matter. March’s blowups may wipe out more than a year of profits for the bank and threaten its stock buyback plans, as well as adding to the reputational hit from other missteps.

The bank’s plans to buy back 1.5 billion Swiss francs ($1.6 billion) of shares are at risk, according to Berenberg analyst Eoin Mullany. He estimates the lender could face losses of $3 billion to $4 billion.

“The hits just keep coming for Credit Suisse,” he wrote in a note Mullany.

Preceding the Archegos losses were the liquidation of its supply-chain finance funds linked to collapsed financier Lex Greensill and a writedown on a stake in hedge fund York Capital Management taken in the fourth quarter.

The buyback programme resumed in January after having been suspended for nearly a year due to the pandemic.

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