JPMorgan reports NY labour department deal

Source: JPMorgan

JPMorgan Chase, a full-service provider of cash management, trade finance, and treasury solutions, today announced that it has been selected by the New York State Department of Labor (DOL) to provide a range of banking services that will help speed payment of unemployment insurance benefits.

The contract means JPMorgan Chase will provide check processing, accounting and reconciliation, debit cards and payment collection services. Direct deposit services are also planned for future implementation. The bank will be responsible for providing payments to 680,000 unemployment insurance benefit claimants each year and processing any overpayments.

"The New York State Department of Labor should be commended for these innovations, which will provide benefits more quickly and conveniently," said Cheryl Halpern, JPMorgan Chase, President Northeast Government Banking Group.

The new banking services also provide the DOL with more administrative and cost controls. The agency will have faster access to its account information and reconciliation for outstanding and/or paid checks, as well as check imaging services.

JPMorgan Chase provides similar services to more than 13 million publicly funded accounts both domestically and internationally. Government agencies find that electronic banking enhances services, while reducing costs and administrative work. In New York, JPMorgan Chase has used debit cards to replace food stamp coupons and public assistance checks. Nationally, JPMorgan Chase provides debit card services to agencies in more than 30 states and territories, and provides a similar service to public pension recipients in the United Kingdom. Other JPMorgan Chase debit cards provide payments for Social Security, Supplemental Security Income, child support, subsidized child and foster care, Women and Infant Children (WIC) nutrition benefits, payroll, and disaster benefits.

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