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K. Electronic PaymentjDeposit Services. <br />Bank must have the capability to accommodate a range of electronic payment and <br />deposit services currently used by the City in connection with accounts payables, <br />payroll transactions (including direct deposit), and image check deposits. Describe <br />capabilities regarding Federal and State transfers of funds to and from the City. <br />(Note., the City not currently engage in Federal and State fund transfers but would <br />like to evaluate future possibilities for doing so). <br />Y. ACH Disbursements - The City currently pays some vendors via ACH from the <br />General and Commissary Accounts. Vendor payments are made weekly. <br />a. What are your cutoff times for delivery of a preauthoriaed credit or <br />debit file? <br />ISame -day settlement will occur if both the debit and credit accounts are held at I. P. Morgan. <br />Next -day settlement will occur when an involved account is not held at I.P. Morgan. <br />ACH PPDs must be received two business days in advance. <br />b. Are same day payments possible? <br />J.P. Morgan is highly engaged with NACHA and the ACH industry. <br />Together with The Clearing House and other key NACHA members, <br />J.P. Morgan worked to design, develop and champion the recently <br />approved same -day ACH rule change. Same -day ACH will be <br />implemented in a multi -year, phased approach over 18 months beginning <br />in September 2o16. The rule change mandates same -day ACH for <br />receiving financial institutions. Origination of same -day ACH transaction <br />is optional. J.P. Morgan will support origination of same -day ACH for all <br />clients at the time the new rule goes into effect. <br />J.P. Morgan ACH originators will automatically be enabled to initiate <br />same -day transactions by using the Effective Entry Date within the batch <br />header record on the ACH Pile; an opt -out process will be available for <br />clients who do not want same -day processing. <br />C. Describe the acknowledgements you provide when you receive a file <br />transmission including the level of detail, the information required and <br />the reconciliation procedures involved. <br />ACCESS Online, the City's current ACH solution, is a web -based <br />platform, authorized users may view the transaction status, at any stage of <br />the payment, up until the point it is successfully released and a client <br />confirmation number is received (or rejected) from J.P. Morgan. <br />Reporting is also available to the City providing summary -level <br />information for all transactions and their statuses (Entered, Approved <br />and Released) based on a specified date range. <br />Page 66 J.1 Morgan <br />