JPMorgan Chase & Company has expanded its cash management relationship with the US Postal Service by providing cash and check depository services to 24, or nearly one-third, of the USPS’s 80 districts.
JPMorgan said that it is helping the US Postal Service (USPS) easily manage its cash flow, receive same day credit for deposits and eliminate idle cash balances. USPS has centralized a significant portion of the Postal Service’s account structure via the bank’s nationwide Cash Vault Service and a daily concentration of funds to USPS’s main treasury management account.
The new agreement positions JPMorgan as the USPS’s leading provider of bank depository services in terms of number of locations and dollar volume handled, according to JPMorgan.
Robert Pedersen, treasurer of USPS, said: The USPS cash collection and concentration system is one of the largest and most complex in the world. By consolidating our cash management service, we have greater insight into our daily working capital and have improved cash forecasting capabilities.
Stephanie Wolf, managing director of treasury services at JPMorgan, said: JPMorgan is proud to expand its relationship with USPS and help them simplify their cash tracking and reporting processes.
