JP Morgan (JPM) Treasury Services today launched an enhancement to its Check Print product suite, Network Check Conversion.
Network Check Conversion is a new Check Print product which converts a client's check disbursements from paper to image and then efficiently routes the electronic payment and remittance details to the lockbox of a J.P. Morgan receivables client. This reduces payment distribution costs, saving payables clients an average of $0.21 per item.
"We're leveraging the strength of our payables and receivables client network to efficiently route payments and create new sources of value," said Stephen Markwell, Executive Director, J.P. Morgan Treasury Services. "This is a 'hands free' experience for Check Print clients - they can take advantage of this solution without lifting a finger."
J.P. Morgan deployed the Network Check Conversion solution to all existing Check Print clients and will offer to all new Check Print clients.
"J.P. Morgan delivered a unique solution that allowed Comcast to reduce payment costs and become more efficient while not requiring any changes to our processing or a new implementation," said Michael Lippert, Executive Director, AP Shared Services, Comcast Cable.
"J.P. Morgan has created an eco-friendly solution that creates immediate value for their clients through new payment distribution efficiencies," said Bob Meara, Senior Analyst, Celent. "Clients will see a direct increase to their bottom line as a result of the cost savings that J.P. Morgan has uncovered."