JPMorgan, a full-service provider of cash management, trade, finance, and treasury solutions, today announced that its Image Cash Letter with ACH product has been successfully piloted by the Tax Assessor of Tarrant County, Texas and is now available.
Using JPMorgan's electronic processing capabilities, the Tarrant County Tax Office significantly improved its collection results while delivering improved service to tax payers.
JPMorgan's Image Cash Letter with ACH makes possible the processing of paper checks and then converting them through the ACH system. Check images and related information are captured electronically and then transmitted to JPMorgan for clearing and settlement via the ACH network, when eligible. This eliminates the need for substitute checks to be created by the bank, thus speeding up processing.
"As the leader in ACH originations for more than 30 years, we take the responsibility of bringing innovative ACH solutions to the marketplace very seriously," said Craig Vaream, managing director, ACH and Global Check Deposit product executive, JPMorgan Treasury Services. "By partnering with us in this pilot, the Tax Assessor of Tarrant County demonstrated their willingness to put advanced electronic payment processes to work. This willingness has not only improved their payment collection methods, but also made it fast, easy and convenient for tax payers to satisfy their obligations."
Tarrant County Tax Office has long been at the technology forefront, using innovative payment tools to collect and process tax payments. The county was one of only two JPMorgan clients in the country piloting Image Cash Letter with ACH. Participating in the pilot required changes in the tax collector's back office operation. They were richly rewarded for their efforts, achieving outstanding results.
"Using Image Cash Letter with ACH, the Tarrant County Tax Office achieved the best collection results we've had since I have been in office," said Betsy Price, tax assessor, Tarrant County, Texas. "Not only were we able to speed up the collection and processing of payments, but we also were able to improve service to our constituents by offering them the e the payment options they wanted. The pilot was a win-win for the county and our tax payers. JPMorgan has been a supportive partner in this process and we were pleased to have been selected to pilot this solution with them."
Image Cash Letter with ACH becomes an important component of Tarrant County's Tax Office eGov efforts designed to electronify collection processes and solidifies its position as a national leader in government electronification adoption. Using Image Cash Letter with ACH to supplement existing online payment options, Tarrant County's Tax Office is now able to process all tax office receivables fees, including property taxes, department of motor vehicle fees, vehicle inventory tax (VIT), and beer, wine and liquor licensing (BWL) fees. eGov has delivered tremendous results, allowing the county to electronically process over 35,000 property tax payments and 100,000 motor vehicle renewals during the past fiscal year. Credit card and eCheck payments for property tax made over the Web grew by 20 and 30 percent respectively last year.
JPMorgan's Image Cash Letter with ACH also enabled the Tax Assessor of Tarrant County to achieve the following:
- Significant process change resulting in faster opening of mailed payments, as well as quicker posting and routing through banking systems
- Eight percent increase in collected and paid entities over historical averages
- Collected funds balance increase by an average of $37 million per day
- Nearly 100 percent of the County's one million checks are now sent to the bank electronically
- No waiting on collected funds balances to pay entities
Image Cash Letter with ACH optimizes the preparation, processing and clearing of checks using JPMorgan's enhanced electronic processing solution. Key features and benefits of the solution include:
- Optimized check clearing and decisioning via ACH or Check 21 channels
- Reduced costs, time and risks associated with transporting paper checks
- Optimized funds availability
- Improved efficiencies and lower administrative costs by streamlining operations
- Mitigation of check fraud by accelerated return item notifications