JPMorgan’s Treasury Services business, a full-service provider of cash management, trade finance and treasury applications, has been ranked by NACHA – The Electronic Payments Association as the top financial institution in total automated clearing house (ACH) network transactions originated for 2008. The bank has led the industry in ACH originations for a record 34 years in a row, since the inception of the network. JPMorgan originated more than 3.5 billion ACH transactions last year.
Electronic payments continue to be adopted by business and consumer users alike. JPMorgan’s ACH-based payment tools enable clients to securely take advantage of the simplicity and efficiencies made possible by electronic payments.
“JPMorgan is proud of the leadership role we hold in the payment industry and appreciate the confidence our clients place in us to execute their payment transactions,” says Pat Thelen, executive director, ACH and global check deposit product executive, JPMorgan Treasury Services. “As a leader in the ACH industry, we look forward to driving new products and services arising from the ongoing convergence and consolidation of check and ACH transactions while sustaining the integrity of the network.”
JPMorgan’s fully scalable platform, advanced electronic systems and proprietary software set the industry standard for quality and fraud protection in ACH products and services. JPMorgan takes fraud prevention seriously and is constantly working to enhance safeguards built into payment products while supporting the industry’s efforts to maintain network fraud protections. The company has introduced a number of new services to help reduce the risk of fraud including:
ACH Transaction Review – Available through JPMorgan’s Payables Web ServicesSM, this fraud mitigation tool enables clients to review and confirm ACH debit and credit transactions online and return unauthorized transactions on a case-by-case basis.
When an originating company attempts to post ACH debits to a client’s account(s), the system immediately compares the incoming company identification (ID) number with a list of authorized company ID numbers. This tool enables clients to block unauthorized ACH debits automatically from posting to their accounts.
Additionally, JPMorgan clients can subscribe to ACH Preemptive Processing Intelligence (PPI), the firm’s proprietary PPI database that monitors items for ACH eligibility, as well as notice-of-change information in order to identify and correct transactions prior to being submitted to the network. Potential exceptions are identified earlier, which increases the speed of payment collection, improves cash management and lowers costs.
The payment industry continues to be one of the most dynamic in the financial services business.
JPMorgan continues to expand its ACH business, both in the US and globally. JPMorgan’s recently launched Global ACH provides a single gateway for high volume multicurrency payments and collection services across multiple regions. Clients now have access to full SEPA credit and debit services from JPMorgan accounts domiciled in Belgium, France, Germany, Ireland, Italy, Netherlands, Spain, Switzerland and the UK.
Indicative of JPMorgan’s commitment to quality, the bank has achieved and maintained ISO certification for all domestic and international ACH transactions processed through its state-of-the-art facility. The bank has a straight-through processing rate of 99% and maintains dual processing capabilities. Additionally, JPMorgan monitors the quality of transactions and customer satisfaction as a regular pattern of doing business. The firm also maintains dedicated remote contingency sites, which supports operations and business continuity in the event of an emergency or disaster.
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