J.P. Morgan recognized by E&Y Cash Management Services survey
J.P. Morgan has been ranked as the number one Wholesale Lockbox provider among institutions participating in the 2021 Cash Management Services Survey administered by EY. In addition, the Survey results also ranked the Firm’s Remote Deposit Capture product in first place for the fifth year in a row.
J.P. Morgan’s wholly owned lockbox network is the industry’s largest1 - servicing wholesale, retail and customized wholesale, with over 6,000 clients, 19,000 active lockboxes and 1,800 employees2.
Wholesale Lockbox replaces a client’s costly and labor-intensive, paper-based in-house receivables process with one that delivers fast, efficient images and data, with around-the-clock service. This can help substantially reduce costs and expedite the crediting of account deposits to accounts.
Michelle Conklin, Managing Director and Head of Receivables Operations for J.P. Morgan Payments acknowledges the survey results highlight the value the service provides to clients: “Given our commitment to a consistent, first-class client experience in this area, it is gratifying to see stable volumes and activity over the past four years. The rate at which we have been winning new business has outpaced any organic volume decline due to the digitization of payments and, is a real validation of the service we provide by the most incredibly dedicated and exceptional employees who have never wavered in their commitment to this business.”
About the EY Cash Management Services survey
The EY Cash Management practice has administered the annual Cash Management Services Survey for 38 years. In January 2021, EY sent the Survey questionnaire to previously participating financial institutions and other top 100 bank holding companies that actively market treasury services to wholesale customers in the United States. Data was received from 44 financial institutions, up from 42 responses in the 2020 survey. The 2021 participants included 90% of the top 20 targeted banks, based on asset size, and 72% of the top 50 participating. See the full results here.
EY has not validated the data and assumes no responsibility for the accuracy of the data provided by the Survey respondents. The Survey material has been prepared for general informational purposes only and is not intended to be relied upon as accounting, tax, legal or other professional advice. Please refer to your advisors for specific advice.
The views and opinions expressed herein are those of the author and do not necessarily reflect the views of J.P. Morgan, its affiliates, or its employees. The information set forth herein has been obtained or derived from sources believed to be reliable. Neither the author nor J.P. Morgan makes any representations or warranties as to the information’s accuracy or completeness. The information contained herein has been provided solely for informational purposes and does not constitute an offer, solicitation, advice or recommendation, to make any investment decisions or purchase any financial instruments, and may not be construed as such.
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