JP Morgan Chase to boost Treasury services

JP Morgan Chase intends to enhance its Treasury services business line with a $30 million investment in technology. The need for a state-of-the-art platform, one that can scale to support business around the world, speaks volumes about the bank's intentions in the market. It aims to be a global power. It also speaks to the need for a technology advantage. JP Morgan Chase has selected Temenos, a Geneva-based vendor of banking software systems, notes Financial News Online. Temenos is known for its T24 platform, which obviously impressed JP Morgan. Apparently, the new contract replaces an old one with an unknown vendor, which likely is licking its wounds. It's nice to see this sort of IT investment, even at a tough time. The terms would be interesting.   

For more:
- here's the Financial News Online article