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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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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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After creating your single -use account payments, J.P. Morgan will send the City a <br />confirmation file within four hours (we regularly beat this goal). We will also send <br />payment notifications to your suppliers via email; if desired, your organization can <br />request to send these notifications yourself. Notification emails include details such as <br />line items, payment amounts, validity dates, and remittance information to support <br />reconciliation within your internal system. Emails also include the first nine digits of <br />single -use account numbers; your suppliers will combine these digits with the seven <br />digits they will be provided during enrollment to create a unique virtual credit card <br />number. Suppliers process single -use accounts the same way they would any other credit <br />card payment —by keying information in their point -of -sale terminals. <br />Single -use account reconciliation is based on matching four key elements of purchase <br />orders or invoices to transactions: account number, validity dates, dollar value <br />(including tolerances), and MCC. When these items match, reconciliation occurs <br />automatically. A reconciliation file will be delivered to the City's ERP system. <br />Single Use Account Process Flow: Batch <br />io <br />Our batch process allows users to create single -use accounts from within their ERP systems. <br />Once a payment is created, the single -use account is approved via web service message <br />within seconds, and the account number will be immediately available for payment. <br />Supplier payment and remittance work the same way for one -off single -use accounts as <br />they do for the batch process. <br />Page 107 J.P. Morgan <br />3 <br />f <br />Our batch process allows users to create single -use accounts from within their ERP systems. <br />Once a payment is created, the single -use account is approved via web service message <br />within seconds, and the account number will be immediately available for payment. <br />Supplier payment and remittance work the same way for one -off single -use accounts as <br />they do for the batch process. <br />Page 107 J.P. Morgan <br />
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