JP Morgan Chase will spend $30 million (£15.1 million) rolling out a centralised operating platform from banking specialist Temenos, to support its treasury management and liquidity services businesses.
The bank, which made a $2.4 billion (£1.2 billion) net profit in the first quarter and recently bought Bear Stearns, has begun work deploying the Temenos T24 Model Bank platform. Pilots are planned for later this year.
It said the platform would bring uniformity to its product offerings, enable it to offer a consistent set of services around the world, and deliver richer data and real-time reporting to clients.
Supplier Temenos says the platform offers pre-configured programs and processes that reduce implementation time and costs, minimise customisation and lower project risk. The platform is also used by financial services firms Fortis and Schroders.
A single version of the system will be rolled out globally, taking into account local requirements including regulatory and tax requirements.
Sue Webb, executive VP at JP Morgan Treasury Services, said the investment was important to support growth outside the US. She added that “having the most robust technology capabilities possible will be a key driver in achieving our goals”.
"We are making a significant investment in our technology in order to support our clients' businesses around the world. Working with an industry-leading software provider like Temenos will enable us to meet our clients' evolving needs, regardless of where they do business."
The news contrasts with cost cutting at Citigroup after it made a £2.6 billion loss in the last quarter. Citi said it would slash IT spending by up to 20 percent and cull jobs, in order to revive its balance sheet.
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