JPMorgan Chase to Replace Many of Arizona's State-Issued Checks with Debit Cards; New Law Requires Direct Deposit or Electronic Payment Cards To Acces
JPMorgan Chase to Replace Many of Arizona's State-Issued Checks with Debit Cards; New Law Requires Direct Deposit or Electronic Payment Cards To Access State-Administered Child Support Payments
New York, NY
July 21, 2005--JPMorgan Chase, a full-service provider of cash management, trade finance, and treasury solutions, announced that a state-wide rollout is underway to provide electronic payment cards for state-administered child support payments in Arizona.
This service, which eliminates paper checks, is also being extended on a voluntary basis to unemployment compensation recipients, making Arizona the first state to combine these payments in a single debit card, which can be used for purchases at merchants and at ATMs.
"I'm excited about the new Arizona Electronic Payment Card," said Arizona Governor Janet Napolitano. "I firmly believe this will enhance services to participants in state-administered programs by providing them with payments in a faster, safer, and more convenient and efficient manner, and will reduce costs and administrative efforts."
Governor Napolitano recently signed into law mandatory electronic payment requirements for all child support payments. The state has begun transitioning parents receiving support payments to either direct deposit or the recently introduced electronic payment cards.
Payment recipients who do not have a bank account will receive an Arizona Electronic Payment Card issued by JPMorgan Chase. The Department of Economic Security will deliver payments automatically into the participant's FDIC-insured Chase bank account.
"We are pleased to participate in this important program helping child support recipients, as well as the state," said Paul Simpson, Trade, E-Payables and Card Services Business Executive for the Treasury Services unit of JPMorgan Chase. "As a leader in electronic payments, JPMorgan Chase is taking the lead in helping public sector clients utilize mainstream market technologies, products and services for the benefit of their agencies and the taxpayers."
The Arizona Electronic Payment Card offers several convenient features to cardholders, including 24-hour access to cash at more than 900,000 ATMs worldwide and the ability to make purchases anywhere the Visa debit logo is displayed. The cards are protected by a personal identification number (PIN), but may also be used for signature-based purchases at Visa retail locations, where a PIN is not required. Cardholders will be able to access their funds on the day the funds are deposited, eliminating concerns about mail delays, lost or stolen checks or finding locations or paying fees to get their checks cashed. Because there is no credit issued, an Arizona Electronic Payment Card account can be opened without the credit checks and income verification that are often required by banks. Anyone receiving these state-administered payments is eligible to receive an Arizona Electronic Payment Card, regardless of credit history.
Overdrafts are also not a concern, since cardholders will be limited to purchasing or withdrawing only up to the amount on deposit at the time of a transaction. Cardholders will receive monthly account statements, toll-free telephone customer service support, and will have access to account information and customer services through a secure JPMorgan Chase Web site.
Card account processing will be provided by JPMorgan Chase subsidiary, JPMorgan Electronic Financial Services, Inc. (JPMorgan EFS), which also holds the state's Electronic Benefit Transfer (EBT) contract for Food Stamp benefits and public assistance. EBT has replaced Food Stamps nationwide and public assistance checks in most states, including Arizona, with debit cards.
JPMorgan EFS is a leading vendor of government debit card and EBT services with projects in approximately 35 states and territories, the United Kingdom and South America. Benefits and payments that JPMorgan EFS makes available through its debit card services and EBT programs include child support payments, unemployment compensation payments, USDA Food Stamp program benefits, state cash benefits (TANF, general assistance), Social Security Annuities and Supplemental Security Income, child care payments, job training time and attendance, Medicaid eligibility verification, Women And Infant Children (WIC) nutrition benefits and payroll distribution. The company is responsible for processing nearly 60,000,000 transactions and handling approximately $2 billion in funds in the U.S. each month, the large majority of which relates to governmental assistance programs.
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New York, NY
July 21, 2005--JPMorgan Chase, a full-service provider of cash management, trade finance, and treasury solutions, announced that a state-wide rollout is underway to provide electronic payment cards for state-administered child support payments in Arizona.
This service, which eliminates paper checks, is also being extended on a voluntary basis to unemployment compensation recipients, making Arizona the first state to combine these payments in a single debit card, which can be used for purchases at merchants and at ATMs.
"I'm excited about the new Arizona Electronic Payment Card," said Arizona Governor Janet Napolitano. "I firmly believe this will enhance services to participants in state-administered programs by providing them with payments in a faster, safer, and more convenient and efficient manner, and will reduce costs and administrative efforts."
Governor Napolitano recently signed into law mandatory electronic payment requirements for all child support payments. The state has begun transitioning parents receiving support payments to either direct deposit or the recently introduced electronic payment cards.
Payment recipients who do not have a bank account will receive an Arizona Electronic Payment Card issued by JPMorgan Chase. The Department of Economic Security will deliver payments automatically into the participant's FDIC-insured Chase bank account.
"We are pleased to participate in this important program helping child support recipients, as well as the state," said Paul Simpson, Trade, E-Payables and Card Services Business Executive for the Treasury Services unit of JPMorgan Chase. "As a leader in electronic payments, JPMorgan Chase is taking the lead in helping public sector clients utilize mainstream market technologies, products and services for the benefit of their agencies and the taxpayers."
The Arizona Electronic Payment Card offers several convenient features to cardholders, including 24-hour access to cash at more than 900,000 ATMs worldwide and the ability to make purchases anywhere the Visa debit logo is displayed. The cards are protected by a personal identification number (PIN), but may also be used for signature-based purchases at Visa retail locations, where a PIN is not required. Cardholders will be able to access their funds on the day the funds are deposited, eliminating concerns about mail delays, lost or stolen checks or finding locations or paying fees to get their checks cashed. Because there is no credit issued, an Arizona Electronic Payment Card account can be opened without the credit checks and income verification that are often required by banks. Anyone receiving these state-administered payments is eligible to receive an Arizona Electronic Payment Card, regardless of credit history.
Overdrafts are also not a concern, since cardholders will be limited to purchasing or withdrawing only up to the amount on deposit at the time of a transaction. Cardholders will receive monthly account statements, toll-free telephone customer service support, and will have access to account information and customer services through a secure JPMorgan Chase Web site.
Card account processing will be provided by JPMorgan Chase subsidiary, JPMorgan Electronic Financial Services, Inc. (JPMorgan EFS), which also holds the state's Electronic Benefit Transfer (EBT) contract for Food Stamp benefits and public assistance. EBT has replaced Food Stamps nationwide and public assistance checks in most states, including Arizona, with debit cards.
JPMorgan EFS is a leading vendor of government debit card and EBT services with projects in approximately 35 states and territories, the United Kingdom and South America. Benefits and payments that JPMorgan EFS makes available through its debit card services and EBT programs include child support payments, unemployment compensation payments, USDA Food Stamp program benefits, state cash benefits (TANF, general assistance), Social Security Annuities and Supplemental Security Income, child care payments, job training time and attendance, Medicaid eligibility verification, Women And Infant Children (WIC) nutrition benefits and payroll distribution. The company is responsible for processing nearly 60,000,000 transactions and handling approximately $2 billion in funds in the U.S. each month, the large majority of which relates to governmental assistance programs.
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