Clients Can Send Issue Files Online and Will Soon be Able to Request Ad Hoc Images and Reconciliation Reports Via the Internet

NEW YORK, November 3, 2003 - JPMorgan Treasury Services, a unit of JPMorgan Chase and a leader in global payment, trade finance and treasury management, today announced several important enhancements to its Payables Web Service (PWS) and Payee Verification (PVE) products. Issue Files and Ad Hoc Image Request functions, which allow customers to send their issue files and view images of selected checks (replacing photo copy requests), are currently available. The Reconciliation Report Package function, which lets customers view their reconciliation package via the internet, will be available in January 2004.

Payee Verification, part of JPMorgan’s Positive Paysm check fraud identification service, now allows clients to send Issue Files containing payee names via the Internet or to print checks with Issue information embedded in the check via Seal Encode, significantly closing the industry-wide fraud gap.

"Last year, JPMorgan was one of the first to market with its Payee Verification system, and since then, we have deployed the service for more than 40 major clients, including industry leaders such as Clear Channel, Marsh & McLennan and Northrop Grumman," stated Rodney Gardner, vice president and senior product manager, payables for JPMorgan Treasury Services. "We have also launched a second version of PVE called Seal Encode. Our clients will be able to embed all the check issuance information in the face of the check, thereby eliminating the need to send a separate check issuance file. We are confident that with the addition of these new Internet initiatives coupled with our Payee Verification system, JPMorgan's offering is the most robust and effective means for combating check fraud available."

PWS - Issue Files via the Internet
Issue Files via the Internet will permit customers to send, validate and route files containing issues, stops, and cancels/voids more easily. Via PWS, clients can view confirmation data showing the number of line items in the Issue File, including dollar totals sorted by account and transaction type.
Issue Files via the Internet offers customers the flexibility to define a customized layout, which will often prove simpler and less expensive than their current method of sending Issue Files. This initiative is currently available on all of the Disbursement Platforms.

PWS - Ad Hoc Image Request Via the Internet
Ad Hoc Image Request Via the Internet will allow clients to view and manipulate check images. Images will be available the day after presentment and will be accessible for 90 days. The check images can be downloaded for local storage or for "cut and paste" correspondence purposes. JPMorgan’s Ad Hoc Image Request initiative is available on the Syracuse and Delaware Disbursement Platforms.

PWS - Reconciliation Report Package
Customers will be able to view their Reconciliation package online, substantially speeding up receipt of data. Proactive notification is available via email. Reconciliation packages consist of ARP reports, proofs, cover sheets and DDA statements. Reconciliation packages can be searched for specific items, and printed in PDF format. JPMorgan’s Reconciliation Reports initiative will launch in January 2004 and will be available on JPMorgan’s Syracuse and Delaware Disbursement Platforms.

PVE - Payee Verification
The Payee Verification system scans checks and compares the payee name with the actual issue name provided by the issuer. Discrepancies are identified and sent electronically to controlled disbursement and reconcilement customers for immediate review via JPMorgan’s Positive Paysm before checks are finally paid, thereby eliminating costly losses from fraud. Positive Pay is a service for JPMorgan corporate clients that proactively reconciles their large checking accounts by matching check-issuing information provided by clients when checks are presented to the bank for payment.

Customers can now send Issue Files containing payee names directly to the bank via the Internet, where they are matched with the scanned name on the check. All payee name discrepancies are reported through Positive Paysm as part of the review process, and are then sent to the customer for a decision on whether to pay or return the check to the bank of first deposit. Anti-fraud features include:

- Payee name matching performed each night
- Added/altered payee names are identified
- Manual scrubbing of exceptions
- Exception notification through the Internet by 10:00 a.m. the next morning

As an alternative to Issue Files, a Seal Encode option allows customers to have critical check data printed in an encrypted seal embedded directly onto the check and reports exceptions via Positive Paysm . The Seal Encode contains the payee name, issue date, as well as the amount and check serial number, and allows full Positive Pay processing on a Partial Reconcilement account. Both Payee Verification and Seal Encode are available today on the Syracuse and Delaware Platforms.

Indicative of its position as an industry-leader, JPMorgan Treasury Services was ranked number-one in controlled disbursement in a recent Ernst & Young survey.

Press Contacts:
John Johmann
JPMorgan Treasury Services
(212) 552-9377
Flavie Lemarchand
(212) 613-4922

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