J.P. Morgan recognized by E&Y Cash Management Services survey
J.P. Morgan has been recognized as the number one Wholesale Lockbox provider by the 2021 E&Y Cash Management Services survey. In addition to this award, bestowed for the first time, the Survey also placed the Firm’s Remote Deposit Capture product in first place for the fifth year in a row.
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. Unlike J.P. Morgan, 78% of surveyed banks acknowledged that they outsourced all or some of their wholesale lockbox processing3.
Michelle Conklin, Managing Director and Head of Receivables Operations for J.P. Morgan Payments acknowledges this award highlights 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, together with this award, 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 E&Y Cash Management Services survey
The EY Cash Management practice has conducted the annual Cash Management Services (CMS) Survey for 38 years. In January 2021, E&Y 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. See the full results here.
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