JPMorgan Chase and ACS to provide end-to-end image archiving and retrieval services
New York, April 16, 2002 -- New York, April 16, 2002 -- JPMorgan Chase Bank, a subsidiary of J.P. Morgan Chase & Co. (NYSE: JPM), and Affiliated Computer Services, Inc. (ACS) (NYSE: ACS) today announced the signing of a joint marketing agreement to provide end-to-end check imaging services to financial institutions. This joint marketing agreement brings together two industry leaders with recognized intellectual capital and technical expertise in the check processing and image archiving arena.
By using the combined JPMorgan Chase/ACS image archival service, financial institutions can have an image-enabled check operation up and running within 90 days with virtually no impact on current check clearing operations. A simple "pay-as-you-go" billing model will deliver the benefits of check imaging to financial institutions without the up-front investment typically required to build an in-house image archiving system.
ACS is a leading provider of business process and information technology outsourcing solutions and a recognized leader in microfilm production services, with 70% of financial institutions in the U.S. using its services to microfilm checks. JPMorgan Chase provides a state-of-the-art, Internet-based image archival service called i-VAULT! which enables businesses to electronically load, store and retrieve virtually any kind of document. Together, the image archiving capabilities made available through ACS and JPMorgan Chase allow financialinstitutions to quickly become operational with a single, secure digital archive with virtually unlimited storage capacity.
Lynn Blodgett, president of ACS' BPO Solutions Group said, "ACS provides imaging services to clients across the country in many different industries and our expertise in this area is unmatched. We look forward to working with JPMorgan Chase and other financial institutions to provide an easier way to store and retrieve core business documents."
John Bonin, senior vice president of the I-Solutions Group at JPMorgan Chase, said, "This combined, innovative solution will allow banks to overcome the hurdles of cost, time and tremendous effort traditionally involved in image-enabling check processing operations, which will be particularly significant for mid-sized banks. It is also an imaging solution banks can extend beyond checks to include statements, signature cards or any other type of document. JPMorgan Chase has improved its own customer service and business efficiency by using this imaging platform and we are now offering these benefits to other banks."
About ACS
ACS, a Fortune 1000 company with more than 30,000 people in 35 countries, provides business process and technology outsourcing solutions to world-class commercial and government clients. The company's Class A common stock trades on the New York Stock Exchange under the symbol "ACS." ACS makes technology work. Visit ACS on the internet at http://www.acs-inc.com.
About JPMorgan Chase
JPMorgan Chase & Co. is a leading global financial services firm with assets of $694 billion and operations in more than 50 countries. With relationships with over 99% of the Fortune 1000 companies, the firm is a leader in investment banking, asset management, private banking, private equity, custody and transaction services, and retail and middle market financial services. A component of the Dow Jones Industrial Average, JPMorgan Chase is headquartered in New York and serves more than 30 million consumer customers and the world's most prominent corporate, institutional and government clients. Information about JPMorgan Chase is available on the Internet at www.jpmorganchase.com.