JPMorgan Chase has announced the first customer for its new image cash letter service—Image Cash Letter with ACH (ICL with ACH). The product was successfully piloted by the Tax Assessor of Tarrant County in Texas and is now live. The product has enabled Tarrant County to completely electronify its tax collection process in a more uniform manner, said Craig Vareem, managing director, ACH and global check deposit product executive with the bank's treasury services division.
ICL with ACH enables users to process paper checks and then convert them using the ACH system. Check images and related information are captured electronically and then transmitted to JPMorgan for clearing and settlement via the ACH network, if eligible. With this service, the bank says the need for substitute checks is eliminated, thereby speeding up the processing.
The ICL with ACH product has become a vital component in Tarrant County Tax Office's eGov effort, which is designed to electronify the collection processes. The office is using ICL with ACH to supplement existing online payment options and is now able to process all tax office receivables fees. The collected funds balance for the Tax Assessor of Tarrant County has increased by an average of $37 million per day and nearly 100 percent of the county's one million checks are now sent to the bank electronically.
"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, in a statement.