MGM opts for JP Morgan treasury system
JP Morgan Treasury Services has set up a global mass payments system for Metro-Goldwyn-Mayer in what it says is a record-breaking four months.
MGM will use JP Morgan's PaySource technology to bring its outsourced payments and disbursements activity for its home video business in-house. The system has a zero balance liquidity structure and an automated investment sweeping service, enabling MGM to automatically capture any payments and transfer them to JP Morgan as well as being able to monitor all its account balances at its central treasury in Los Angeles.
MGM also used JP Morgan as one of its advisors for the high-profile, $7.5 billion merger with Mandalay Resort Group in June. The merger was the largest ever in the gaming industry and created the largest casino company in the world, with revenues of almost $7 billion.