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J.P. MORGAN CHASE BANK-2016
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J.P. MORGAN CHASE BANK-2016
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Last modified
3/31/2017 12:58:30 PM
Creation date
1/10/2017 3:43:03 PM
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Template:
Contracts
Company Name
JP MORGAN CHASE BANK
Contract #
A-2016-366
Agency
FINANCE & MANAGEMENT SERVICES
Council Approval Date
12/6/2016
Expiration Date
12/31/2019
Insurance Exp Date
6/1/2017
Destruction Year
0
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b. What are the different file transmission options available, including <br />backup plan? In the event there is a banking system failure and the <br />direct deposit file cannot be transmitted, please explain what the <br />banks contingency plans are to ensure the City's employees are paid. <br />Based on the City's operational requirements, J.P. Morgan recommends: <br />• Uploading of payroll NACHA files through ACCESS Online for <br />lower volume transaction files this is the process used by the City <br />today. <br />• To improve efficiencies and reduce manual effort, the City may use <br />the secure file transfer protocol (SFTP) transmission method for <br />sending payroll files to the bank.. <br />ACH Initiation via ACCESS Online <br />Today, the City uploads payroll files and submits one -off ACH payments through <br />ACCESS Online. The City can continue to create templates to support a complete <br />menu of U.S. ACH transactions, with all template information stored securely <br />with J.P. Morgan: <br />• Consumer payments <br />• Consumer collections <br />• Payroll payments <br />• Corporate /vendor payments <br />• Corporate /vendor collections <br />• Cash concentration <br />• Cash disbursement <br />• Federal, state and municipal tax payments <br />• Child support payments <br />• Fund other J.P. Morgan accounts on a <br />same day basis <br />Transactions based on templates or entered in free -form mode are created by the <br />City, then batched, approved and released for processing. ACH files generated <br />through ACCESS Online are retrieved and processed several times each business <br />day for next -day processing. For non - repetitive payment, the City can create free- <br />form ACH payments without the need to establish a stored template. <br />ACH files generated through ACCESS Online are delivered for processing nine <br />times each business day, Monday through Friday. <br />ACH NACIIA File huya •t <br />This automated interface for easy upload of NACHA- formatted files offers the <br />City: <br />• Future -dated warehousing of up to 6o calendar days. <br />• Ability to create settlement offset at transaction level or batch level. <br />T <br />mm <br />
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