JP Morgan has launched a new liquidity management platform and an upgraded version of its domestic cash management service in South Korea, as part of its Treasury Services expansion in the Asia Pacific.

The new Korean language internet banking platform allows clients to transfer funds securely and conveniently, making use more efficient for the bank's Korean clients, says the US bank. In addition, JP Morgan also introduced a multi-bank sweep facility, which enables the consolidation and reporting of disaggregated balances in different banks into the local language banking platform.

"The concentration of Korean won into a single account provides better control, visibility and settlement convenience to clients," said Margaret Yao, JP Morgan Treasury & Securities Services managing director and head of APAC liquidity solutions.

"These enhancements further demonstrate JP Morgan's commitment to South Korea and we will continue to invest in key markets in Asia. Adding these sophisticated solutions to our existing domestic capabilities matches South Korea's highly electronic environment and will help clients to navigate the challenges brought by the global financial crisis," said Simon Jones, regional Treasury Service executive for the Asia Pacific.

The upgrades to the Treasury Service are part of continuing efforts by the bank to optimise and innovate its systems to benefit its customers worldwide, the bank said in a statement.

JP Morgan is the largest US dollar clearing and commercial bank in the world.