J.P. Morgan has announced the launch of E-Customs Payment Solution to digitise and automate cross-border payments of goods in China.
Currently, importers in China are required to provide supporting documents to their banks prior to making payments to overseas suppliers. With the new 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 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. Clients will be able to keep track of their payments through J.P. Morgan Access at all times.