CORONAVIRUS (COVID-19): Important Updates Regarding DEFER and OST Operations More Info

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Colleen C. Davis
State Treasurer


Banking Upgrades



Banking Upgrades| J.P. Morgan Migration | Local Banking

 

Improvements are Coming in 2020!

We are improving our banking processes to increase efficiency and ease for employees, departments, vendors, and the public. For in-person branch banking, we plan to offer a suite of convenient options. For banking services that you can complete from the office, we will help you migrate those functions to a J.P. Morgan  Chase platform.

How to Prepare:

In order to ensure your team is ready for updates to banking services, we suggest:

  • Determining who on your team will serve as a project lead, and who should receive communication from OST (Subscribe below!)
  • Taking an inventory of your current banking service usage
  • Identifying all bank accounts associated with your department
  • Understand any processes that require your team to access a bank in-person
  • Finally, reach out to our team before you begin any new financial service relationship. We may be planning to implement a similar product!

This page will be frequently updated throughout implementation. Last update: October 7, 2019

Recent Communications:

October 7 Email Distribution


Overview of Improvements

  • Reporting through one platform
  • Straight-through processing
  • Reduces file transmissions
  • Decreased trips to physical bank branches and to OST
  • Simplified reconciliation
  • Reduces manual adjustments
  • Reduced fraud targets from check and cash transactions
  • Improved client reporting
  • Enhanced cyber-security and controls
  • Robust system administration
  • Improved bank relationship management
  • Enhanced customer service for your agency, vendors, and the public
  • Continuous improvement and innovation
  • Additional user training and education
  • Transition to cheaper digital methods
  • Decreased spending on transaction costs
  • Leverages collective purchasing and creates economies of scale
  • Enhanced ECR and interest on deposits

Contact us:

Todd Feeley

Banking Services Implementation Manager

302-672-6707



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