JPMorgan Expands Cash Management Relationship With US Postal Service

JPMorgan has expanded its cash management relationship with the US Postal Service (USPS) by providing cash and check depository services to 24, or nearly one third, of the USPS' 80 districts. JPMorgan is helping USPS more easily manage its cash

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JPMorgan has expanded its cash management relationship with the US Postal Service (USPS) by providing cash and check depository services to 24, or nearly one-third, of the USPS’ 80 districts. JPMorgan is helping USPS more easily manage its cash flow, receive same day credit for deposits and eliminate idle cash balances. USPS has centralized a significant portion of the Postal Service’s account structure via the bank’s extensive nationwide Cash Vault Service and a daily concentration of funds to USPS’ main treasury management account.

The new agreement positions JPMorgan as the USPS’ leading provider of bank depository services in terms of number of locations and dollar volume handled. JPMorgan has worked with the USPS for more than thirty years, most recently providing cash management services to ten USPS districts. Services are being expanded to support more than 7,300 USPS retail locations across twelve states.

“The USPS cash collection and concentration system is one of the largest and most complex in the world,” says Robert Pedersen, treasurer, USPS. “By consolidating our cash management service, we have greater insight into our daily working capital and have improved cash forecasting capabilities.”

“JPMorgan is proud to expand its relationship with USPS and help them simplify their cash tracking and reporting processes,” says Stephanie Wolf, managing director, Treasury Services, JPMorgan.

D.C.

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