JPMorgan Chase Launches ACH Distributed Payment Capture

Tuesday 12 April 2005 10:59 CET | News

JPMorgan Chase, has introduced ACH Distributed Payment Capture, a multi-channel check settlement solution.

JPMorgans ACH Distributed Payment Capture solution allows businesses that receive consumer payments to capture check items at their business locations with low to medium-speed check capture devices. ACH Distributed Payment Capture provides clearing via the ACH network through the Accounts Receivable Conversion (ARC) and Point of Presentment (POP) standard entry class codes. Since not all checks are convertible to ACH, the product also enables the clearing of remaining transactions through the creation of substitute checks. It then makes corresponding deposits to clients accounts, thereby enabling complete processing of the checks received for payment. Key benefits of ACH Distributed Payment Capture include: - Consolidation of check deposit business resulting in reduced deposit, sweep accounts and associated wires and fee expenses - Elimination of checks held overnight and enabling of deposits same-day - Streamlined receivables processes through the use of a single point for image and data consolidation for all check and electronic payment items - Elimination of the need to photocopy checks - Accelerated funds availability - Consolidation of Demand Deposit accounts ACH Distributed Payment Capture is part of a suite of Check 21 Image solutions that include Image Cash Letter and Distributed Payment Capture. Other innovative ACH products and services from JPMorgan Chase include: Pay ConnexionSM - a robust, flexible, and configurable payment solution offering billers the ability to efficiently collect revenue electronically using their Web site, an IVR system or call center representatives. Combined with the Customer Electronic Payment System, JPMorgan can provide its clients with a fully outsourced receivables integration solution that interfaces with existing billing systems for faster and more efficient consolidation of bill payment options Preemptive Processing Intelligence (PPI) - a proprietary technology that facilitates straight-through electronic processing, reducing the number of administrative return items and improving electronic payment collection rates

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Categories: Payments & Commerce | Payments General
Countries: World
This article is part of category

Payments & Commerce