JPMorgan Chase releases outsourced customs warehousing solution

Manufacturing News, Source : The Manufacturer US
Zone : Logistics and supply chain
Published : 13 Mar 2007 22:05

Dulles, VA, March 13, 2007 -- JPMorgan Chase Vastera, the global supply chain and trade logistics unit of JPMorgan Chase, has launched its new Border Logistics Management solution. The solution, says the company, is "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 is designed to help companies reduce inventory, decrease order-to-deliver time, improve the monitoring of carrier activities, and improve regulatory and security measures.

The solution combines a number of supply chain, logistics and trade compliance components into a single outsourced offering, including US 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.”

According to the Bureau of Transportation Statistics, Mexico, next to Canada, has been the second largest trading partner of the United States for the past five years. The value of trade between the U.S. and Mexico grew 8.9% in 2005 to $290 billion.

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