J.P. MORGAN CHASE BANK-2016 - Laserfiche WebLink

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We offer optimal availability, funds concentration and full information reporting. A specific lockbox location that will best suit the City's needs will he recommended by your Relationship Team should the City decide to implement. Our wholesale lockbox service allows the City to eliminate costly, labor- intensive, and paper -based receivables processes. Our services will help you to reduce costs and expedite the crediting of deposits to your accounts, thereby improving your bottom line. The City will authorize us to collect, process, deposit and report remittances mailed to a U.S. post office box in the City's name. Our collection service improves funds availability, reduces costs associated with processing payments, and reduces fraud risk by redirecting mailed payments to the bank. Payments are processed according to the City's specifications on the same day as they are received. Using a lockbox also accelerates posting of payment detail, which allows you to update account records faster and with greater accuracy. The City can receive posting information via a website or delivery of electronic files via transmission. Additionally, you will have a full suite of imaging products available to you for efficient handling of exception cash posting, credit /collection and client service. Summary of Processing Workflow The City's customers will send their remittance checks to unique ZIP codes used exclusively for our lockbox mail. We pick the mail up directly from the post office multiple times during the day, beginning early in the morning. We bring the mail to our selected processing facilities where high -speed machines sort it by lockbox number and separate it into batches. In a matter of minutes, your receivables are ready for our highly trained lockbox associates to process the City's payments according to your specific instructions. We work with you to develop tailored, the City- specific instructions so our associates can process your remittances according to your requirements. Our associates extract the contents of the envelopes and separate checks from other materials. Images of checks and remittance documents are captured and linked with unique tracking barcodes. An associate reviews and verifies each check per your instructions and then enters the dollar amount into the system. The original check is scanned on advanced equipment that captures images of both sides of your invoices and remittance coupons. Once scanned, our high -speed recognition software reads the numeric and written amounts on the check images and compares them to the amounts keyed. Discrepancies are routed to a special team for final verification. Page 104 J,P Morgan