JPMorgan Chase Ranked First In ACH Originations For 2006
NEW YORK - JPMorgan Chase has been ranked as the number-one financial institution in total automated clearing house (ACH) network transactions originated for 2006 by NACHA - The Electronic Payments Association. The Bank has ranked first in ACH originations for a record 32 years in a row, since the inception of the network. JPMorgan Chase saw its ACH transactions grow to nearly 3.6 billion in 2006, an increase of 16 percent over the previous year.
“We are pleased to be recognized as the top ACH payments originator and with electronic payment options such as ARC, POP and now Back Office Conversion, the industry will continue its growth,” explained Craig T. Vaream, vice president and ACH Product Executive, JPMorgan Chase Treasury Services. “Our leadership position in ACH is validation of the confidence our clients have placed in our ability to meet their critical origination needs and we look forward to delivering on our leadership promise for years to come.”
Further evidence of JPMorgan Chase’s leadership in ACH performance in 2006 was seen in the 33 percent growth in eCheck transactions over the previous year, exceeding industry growth rates.
JPMorgan Chase’s technology platform was originally designed to provide flexibility and scalability to meet future requirements. As a result the platform is particularly well suited to accommodate the latest solutions for supporting the check imaging needs of clients. The firm’s anticipation of future trends and its technology vision have it well positioned to maintain its leadership position in the ACH industry.
“At JPMorgan Chase we utilize our global strength and resources to bring the latest solutions to our clients enabling them to take maximum advantage of the growth in the paper to electronic conversion,” added Vaream. “Our ongoing investments in our technology platform have allowed us to support the newest products that take full advantage of industry rules changes, so we are able to fulfill our commitment to provide our clients with the services they need today and in the future.”
The latest addition to JPMorgan Chase’s e-Check offering is Back Office Conversion (BOC), which further expedites the clearing process. Following a NACHA rule change on March 16, 2007, BOC now allows retail clients to convert eligible papers checks received at the point of purchase into electronic ACH payments within their own facilities. Clients utilizing BOC will access the benefits of more efficient payments processing, including improving access to funds, elimination of transportation costs for checks, and lower processing fees.
To help clients evaluate its offering, JPMorgan Chase has created a calculation model that illustrates the benefits of migrating from paper check processing to BOC. The tool examines costs and float, and permits clients to simulate different business circumstances to assess the impact BOC will have on their operations.
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