SIBOS - Copenhagen, 7 September 2005 â JPMorgan Treasury Services today announced that EADS, a global leader in aerospace, defence and related services, is now live with JPMorgan for a Member Administrated Closed User Group (MA-CUG), the SWIFT infrastructure that enables corporate access to its secure IP Network, SWIFTNet. Access to SWIFTNet will mean improved message standardisation, security and straight through processing for EADS. The benefits of SWIFTNet were, until recently, only realised by SWIFT member financial institutions.
By using SWIFT FIN, an XML-based financial message language, EADS is making treasury payments worldwide over SWIFTNet. EADS will benefit from message standardisation for both domestic and cross-border payments resulting in simplified communication, straight-forward connectivity and reduced costs for file transmissions.
Andreas Drabert, vice president, Treasury Controlling at EADS, said, "We have a long-standing and successful relationship with JPMorgan and are delighted to be able to extend this further to include participation in JPMorganâs MA-CUG. We look forward to the cost savings and increase in efficiency that this new service will provide by further leveraging the potential of the existing EADS SWIFT platform. In addition, we hope to extend use of the service to trade and commercial payments in the future. This project gives EADS the opportunity to realise the cost benefits that were reserved to banks only a couple of years ago."
"As one of the first banks to offer SWIFTNet access via a MA-CUG, we are firm believers in the standardisation benefits that this service brings to corporates and the industry as a whole," said Steve Groppi, business executive for JPMorgan Treasury Services in EMEA and Asia. "We expect to see an increase in the use of MA-CUGs as corporates look to leverage SWIFTNet to help simplify the currently complex payments infrastructure."