J.P. Morgan Becomes Leading Provider of Cash and Check Depository Processing Services; Increases Coverage to Nearly One-Third of Postal Services' 80 Districts
NEW YORK, March 4, 2009 -- J.P. Morgan has expanded its cash management relationship with the U.S. Postal Service (USPS) by providing cash and check depository services to 24, or nearly one-third, of the USPS' 80 districts. J.P. Morgan is helping USPS more easily manage its cash flow, receive same day credit for deposits and eliminate idle cash balances. USPS has centralized a significant portion of the Postal Service's account structure via the bank's extensive nationwide Cash Vault Service and a daily concentration of funds to USPS' main treasury management account.
The new agreement positions J.P. Morgan as the USPS' leading provider of bank depository services in terms of number of locations and dollar volume handled. J.P. Morgan has worked with the USPS for more than thirty years, most recently providing cash management services to ten USPS districts. Services are being expanded to support more than 7,300 USPS retail locations across twelve states.
"The USPS cash collection and concentration system is one of the largest and most complex in the world," said Robert Pedersen, Treasurer, USPS. "By consolidating our cash management service, we have greater insight into our daily working capital and have improved cash forecasting capabilities."
"J.P. Morgan is proud to expand its relationship with USPS and help them simplify their cash tracking and reporting processes," said Stephanie Wolf, managing director, Treasury Services, J.P. Morgan.
Cash Vault Services via J.P. Morgan owned and outsourced vaults are being provided to support 24 USPS districts in Connecticut, Florida, Georgia, Indiana, Louisiana, Massachusetts, Michigan, New Jersey, New York., Texas, Virginia and Washington, DC. The service enables USPS to consolidate and receive same-day credit for deposits received from its large network of postal facilities. USPS can track cash and coin deposits from verification through posting with online reporting tools. J.P. Morgan also is managing check deposit processing.
About the U.S. Postal Service
An independent establishment of the Executive-branch, the U.S. Postal Service is the only delivery service that visits every address in the nation - 149 million homes and businesses. It has 37,000 retail locations and relies on the sale of postage, products and services to pay for operating expenses, not tax dollars. The Postal Service has annual revenues of $75 billion and delivers nearly half the world's mail. For additional information, visit www.usps.com.
About J.P. Morgan Treasury Services
The Treasury Services business of J.P. Morgan is a top-ranked, full-service provider of innovative payment, collection, liquidity and investment management, trade finance, commercial card and information solutions to corporations, financial services institutions, middle market companies, small businesses, governments and municipalities worldwide. With more than 50,000 clients and a presence in 39 countries, J.P. Morgan Treasury Services (JPM TS) is the world's largest provider of treasury management services. JPM TS is a division of J.P. Morgan Chase Bank, N.A., member FDIC. More information can be found at www.jpmorgan.com/ts.
About JPMorgan Chase & Co.
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.2 trillion and operations in more than 60 countries. The firm is a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset management, and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of consumers in the United States and many of the world's most prominent corporate, institutional and government clients under its J.P. Morgan, Chase, and WaMu brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.
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