TOKYO -- JPMorgan Chase is expanding its transaction banking business in Japan, pitting its speedy international funds transfer system against Japanese banks still playing catch-up in the field.
JPMorgan is responsible for an estimated 20% to 30% of payment settlements in dollars in Japan. While its main focus has been international money transfers for regional banks and other financial institutions, it aims to leverage cash management systems to expand its business to nonfinancial companies such as trading houses and manufacturers.
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