Dulles, VA, March 13, 2007 -- JPMorgan Chase Vastera, the global supply chain and trade logistics unit of JPMorgan Chase, announces the launch of its new Border Logistics Management solution, a comprehensive outsourced customs warehousing service designed to bring greater visibility and efficiency to companies moving goods between the United States and Mexico. Border Logistics Management helps companies save time, improve working capital, and take greater control of their supply chain by reducing inventory levels, decreasing order-to-deliver time, improving the monitoring of carrier activities, and improving regulatory and security measures.
JPMorgan Chase Vasteras Border Logistics Management solution combines a number of key supply chain, logistics and trade compliance components into a single outsourced offering, including U.S. and Mexico Customs clearance, customs warehouse oversight and management, customs broker oversight and management, trade document preparation, trade flow and process visibility.
The complexities of crossing the U.S.-Mexico border continue to burden shippers. Our offering delivers a more streamlined, secure approach to those businesses with regular trade volume between the two countries, said Bernie Hart, global product executive, JPMorgan Chase Vastera. In addition, the launch of the service marks another significant step into the logistics and supply chain arena for JPMorgan Chase as the company remains the first and only financial institution to offer such solutions.
Some of the benefits of Border Logistics Management include:
· Reduced disruptions due to expert management of the cross-border flow of goods between Mexico and the U.S. from in-gate to drayage and, in some cases, to final destination provided by JPMorgan Chase Vasteras trade professionals
· Simplified oversight of logistics processes as a result of centralizing best-in-class service providers all under one roof each provider selected, contracted and managed by JPMorgan Chase Vastera to meet each clients unique needs
· Increased visibility throughout the cross-border process due to exchange of standardized data and information between providers, enabling shorter lead times and lower inventory levels
· Elimination and minimization of customs warehouse and brokerage service provider selection, negotiation and management challenges
· Reduced transaction costs as a result of JPMorgan Chase Vasteras buying power combined with its process and procedure simplification
· Streamlined cross border trade operations that simplify navigating complex U.S. and Mexico Customs regulations to ensure duty minimization
Border Logistics Management is currently being offered to support cross-border shipments into and out of El Paso and Laredo, Texas. The solution will expand throughout the year to additional sites along the U.S.-Mexico border. According to the Bureau of Transportation Statistics,
About JPMorgan Chase Vastera
JPMorgan Chase Vastera is the worldwide leader in providing solutions for Global Trade Management (GTM). The companys GTM solutions help clients drive cost savings and supply chain efficiencies while improving compliance with government regulations and service levels to end customers. JPMorgan Chase Vasteras GTM solutions include: Trade Management Consulting (business process consulting), Managed Services (business process outsourcing) and TradeSphere (software). With over 400 clients throughout the world, many of the worlds largest corporations utilize their GTM solutions. For more information, please visit www.jpmorganchase.com/vastera.
In April, 2005, Vastera was acquired by JPMorgan Chase Bank and combined with the Logistics and Trade Services businesses of JPMorgan Chases Treasury Services unit. The Treasury Services (www.jpmorganchase.com/ts) business of JPMorgan Chase is a top-ranked, full-service provider of innovative payment, collection, liquidity and investment management, trade finance and logistics, commercial card and information solutions to corporations, financial services institutions, middle market companies, small businesses, governments and municipalities worldwide. With more than 50,000 clients and a presence in 36 countries, JPMorgan Treasury Services is the worlds largest provider of treasury management services.
About JPMorgan Chase
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $1.4 trillion and operations in more than 50 countries. The firm is a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset and wealth management, and private equity. A component of the Dow