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

Home Browse Search

3. Describe the process on the processing of Tax payments (EDI and Federal Withholdings) via your banking system and please demonstrate. J.P. Morgan supports the ability to originate a full range of U.S. ACH transactions and related remittance data including the TXP- formatted CCD +transaction for tax payments. J.P. Morgan also offers repetitive and free -form funds transfer (wire) payments that may be used to create federal and state tax payment transactions. In addition, J.P. Morgan provides payment initiation services through ACCESS Online, our browser -based application. ACCESS Online contains ACH templates for all 50 states and federal taxes, which are periodically updated, as banking instructions. We will address the process of sending Tax payments during the demonstration. 4. Describe the check conversion process for ACH transactions. Specifically, how are the transactions reflected on the daily and monthly statement(s) along with the paid check file? Please explain how the reconciliation would be affected if applicable. The conversion of online paid checks to electronic ACH transactions is part of our eLockbox product which the City currently uses today. ACH eLockbox is an electronic payments collection product for bill payments generated by online banking and other online bill payment services. Payments may be made by consumers, corporations and government entities to the City (the Biller). Bill payments are consolidated and credited as a single deposit to the City's account, with the payment data provided in a transmission that can be integrated into the City's ERP or accounts receivable system. ACH eLockbox can accept incoming CIE, CCD, CCD +, CTX, WEB, TEL, PPD and PPD +transactions. Note that ACH debit entries may also be accepted by an eLockbox setup, resulting in an aggregate debit posting to your J.P. Morgan account. We will review online reporting and reconciliation during the demonstration as requested by the City. S. Describe how a Smart Safe works? Is there a minimum or maximum on deposits in order to establish service? Do they accept coin? Are credits received on same day? What is the cut off for same day credit? How often are deposits picked up? The City may consider using Smart Safe with Advanced Credit for depositing currency into "remote cash safes." J.P. Morgan's Smart Safe with Advanced Credit provides clients with daily credit on cash that is deposited into a leased Smart Safe from Brinks, Garda or Loomis. Additionally, advanced credit may allow the City to reduce the armored services schedule with your vendor to reduce costs. Smart Safe with Advanced Credit is designed to help improve daily cash flows, incorporate U.S. dollar validation, counterfeit detection, secured storage and detailed reporting. These and other efficiencies will allow the City to eliminate time - consuming deposit preparation of cash, freeing staff to spend more time on value- added, customer focused tasks.