Embedded Banking Services with J.P. Morgan for Cross-Border Payments

Embedded Banking Services with J.P. Morgan provides businesses with a comprehensive view of their financial position to operate their day-to-day business finances effectively. The solution provides integrated banking and payment services enabled from turnkey connectivity between Cloud ERP and J.P. Morgan Payments for U.S. and Canada customers, as well as customers domiciled in the SEPA region. It includes synchronization of all bank account master data, the requisite setup needed to automate funds capture/disbursement, and continuous bank statement retrieval, processing, and reconciliation. The integration also provides a seamless onboarding experience by automatically configuring connectivity and importing bank account master data. The 25B update enhances support for cross-border payments from bank accounts domiciled in the U.S., Canada, and the SEPA region.

The integration includes these features:

  • Synchronization of all bank account master data.
  • Setups required to automate funds capture/disbursement.
  • Continuous bank statement retrieval, processing, and reconciliation.
  • Seamless onboarding experience by automatically configuring connectivity and importing bank account master data.
  • Ready-to-use support for transactions in U.S., Canada, and SEPA region, including message elements for payment file metadata to support the rest of the world.

The 25B update includes the following enhancements:

  • Support for the following optional and conditional fields for ACH, wire, and paper payments originating from U.S. and Canada.
Optional fields Conditional fields
  • Supplier bank name for urgent payments and for nonurgent international ACH transaction payments.
  • Supplier bank account type.
  • Invoice amount, invoice currency, date, credit note amount, credit note currency, and invoice description, under structured remittance information.
  • SWIFT code of intermediary banks, branch number, bank name, IBAN, and country for nonurgent international ACH transactions.
  • Additional address fields for ultimate debtor.
  • Disbursement bank branch name.
  • Support for country-specific rules for wire payments to over 160 countries originating from U.S. and Canada.
    • Payment reason is passed as unstructured remittance information.
    • Supplier's email address is passed as instruction for disbursement bank.
  • Support for For Further Credit (FFC) details payments originating from the U.S., Canada, and the SEPA region.
    • FFC payments are used when the supplier bank needs to credit funds received to a different account, for example, to pay a non-direct debit account like an investment account, or to make a credit card payment. J.P. Morgan expects to see the additional account number and account name under the ultimate creditor section of the payment file for FFC.

Business benefits include:

  • Improves the customers’ ability to conduct financial transactions in more than 160 countries.
  • Improves compliance with global payment formatting requirements by allowing customers to configure payment file template to include necessary message elements.

Steps to Enable

Please refer to the 23D What’s New, Payables > Embedded Banking Services with J.P. Morgan, to familiarize yourself with the overall integration and requirements. 

Note that the Setup and Maintenance onboarding task “Manage Banking Configurations for J.P. Morgan” has been renamed “Manage Embedded Banking Configurations.

Customers can use the new predefined payment process profile "JPMC ISO20022 CGI V2" which is associated with the format “JPMC ISO20022 CGI V2 Format".

Tips And Considerations

  • New implementation customers can use the predefined payment process profile "JPMC ISO20022 CGI V2" for both regular and cross boarder payments.
  • Existing customers can switch to predefined payment process profile "JPMC ISO20022 CGI V2" if they need to make cross-border payments.
  • Existing customers can continue to using the predefined payment process profile "JPMC ISO20022 CGI" if they do not have a cross broader payments use case.

If you need to pass the For Further Credit (FFC) details, follow these steps:

  • Capture the FFC details in the ‘Alternate Account Name’ field of supplier bank account setup.
  • Provide static text 'FFC' followed by FFC account number and FFC account name, separated by asterisks (*). For example, FFC*2345678*Account name.
  • FFC details will be passed under ultimate creditor.

Access Requirements

No additional access requirements are needed to use this feature.