New Product to Provide Automatic Cost-Savings and Reduced Paper Usage for Clients
NEW YORK, October 16, 2012 – J.P. Morgan (NYSE: JPM) Treasury Services today launched an enhancement to its Check Print product suite, Network Check Conversion.
Network Check Conversion is a new Check Print product which converts a client's check disbursements from paper to image and then efficiently routes the electronic payment and remittance details to the lockbox of a J.P. Morgan receivables client. This reduces payment distribution costs, saving payables clients an average of $0.21 per item.
“We're leveraging the strength of our payables and receivables client network to efficiently route payments and create new sources of value," said Stephen Markwell, Executive Director, J.P. Morgan Treasury Services. "This is a "hands free‟ experience for Check Print clients – they can take advantage of this solution without lifting a finger.„
J.P. Morgan deployed the Network Check Conversion solution to all existing Check Print clients and will offer to all new Check Print clients.
“J.P. Morgan delivered a unique solution that allowed Comcast to reduce payment costs and become more efficient while not requiring any changes to our processing or a new implementation,„ said Michael Lippert, Executive Director, AP Shared Services, Comcast Cable.
“J.P. Morgan has created an eco-friendly solution that creates immediate value for their clients through new payment distribution efficiencies,„ said Bob Meara, Senior Analyst, Celent. “Clients will see a direct increase to their bottom line as a result of the cost savings that J.P. Morgan has uncovered.„
J.P. Morgan executives will be on-hand to discuss Network Check Conversion during the annual Association for Financial Professionals conference (booth #1121), held at the Miami Beach Convention Center from October 14-17, 2012.
Click here for more information about Network Check Conversion.
About J.P. Morgan Treasury Services
J.P. Morgan's Treasury Services business is a full-service provider of innovative cash management, trade, liquidity and escrow services -- specifically developed to meet the challenges treasury professionals face today. More than 135,000 corporations, financial institutions, governments and municipalities in over 180 countries and territories entrust their business to J.P. Morgan. J.P. Morgan Treasury Services is one of the world's largest providers of treasury management services and a division of JPMorgan Chase Bank, N.A., member FDIC. More information can be found at www.jpmorgan.com/ts.
About JPMorgan Chase & Co.
About JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.3 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 and Chase brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.