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J.P. Morgan Chase Buys Servicing Technology Firm.(Brief Article)
J.P. Morgan Chase & Co. has signed an agreement to buy Systems & Services Technologies Inc., a wholly-owned subsidiary of III Associates and a third-party servicer. SST provides a complete line of asset services, which include active and back- up servicing, for various lending institutions, finance companies, and banks.
Under the terms of the transaction, SST will operate as a subsidiary of J.P. Morgan Chase & Co. within the firm's Institutional Trust Services division. Financial terms were not disclosed.
The acquisition reflects the Wall Street Firm's continuing commitment to invest in and enhance its treasury and securities services capabilities, the company said in a release.
"Adding SST's capabilities to JPMorgan's current asset servicing resources, including its mortgage, automotive finance, and credit card operations, will provide an unparalleled combination of servicing and back-up servicing solutions to our clients," said Michael K. ...
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Source: HighBeam Research, J.P. Morgan Chase Buys Servicing Technology Firm.(Brief Article)