We recently partnered with JP Morgan Chase as the University’s new bank. As a result, there are some exciting changes coming that will continue to increase efficiency in sending payments to suppliers:
Beginning July 1, 2022, checks will be printed and mailed directly to suppliers by JP Morgan Chase and Payment Processing will no longer be printing checks in our department on campus.
As you may be aware, Payment Processing eliminated check pick-ups on campus due to Payment Processing working remotely since the beginning of the COVID-19 pandemic and most of our checks go directly into the US Mail now. As JP Morgan Chase takes over this process, it will not be possible to send checks through campus mail to the department unless for a true emergency. For true emergency check returns, contact Purchase, Pay & Travel Customer Service. Note: it will take a minimum of 3 days for checks to be returned to campus.
By July 1, 2022, we ask you to consider how you can prepare to allow your checks to be mailed directly to suppliers. This may mean working with your suppliers proactively or sending backup documentation via email while they receive the check directly in the mail from JP Morgan Chase.
It is important to note that the above will not affect direct deposits to employees through Concur.
Changes to the Process for Foreign Supplier Payments
For foreign suppliers that have a foreign address and we have previously paid via check using US dollars currency, JP Morgan cannot accept the foreign address in their payment system, as a result JPM does not process or mail checks to foreign addresses. Thus, this only effects suppliers where we’d normally be mailing a check to a foreign address. This functionality is expected in the coming quarters. In the interim, all payments to foreign suppliers whose address is in a foreign country must be made via wire payment. Visit this page for information about wire payments.
Coming Soon: Digital Payments
The University of Pittsburgh has implemented the J.P. Morgan Integrated Payables payment program to deliver payments to our suppliers in a more simple and secure manner.
J.P. Morgan Integrated Payables gives our suppliers the power to:
- Accept their preferred payment method
- Reduce Days Sales Outstanding
- Improve payment tracking and visibility
- Update their payment preferences and banking information
- Enhance remittance information
- Save on administrative costs associated with reconciliation
Suppliers will be offered payment via virtual credit card, ACH/direct deposit, and will still have the option of paper checks. Payment terms may vary depending on the payment method chosen.
JP Morgan Chase will soon begin a campaign to reach out to our suppliers, on our behalf, to offer them electronic payment solutions.
JP Morgan will be reaching out to approximately 1,400 of our suppliers during the campaign. These will be our top spend suppliers. For all other suppliers that do not fit that criteria, Payment Processing will do a manual outreach to those suppliers.
If you have suppliers that want electronic payments, please send their information to Purchase, Pay & Travel Customer Service so that JP Morgan Chase can fast track them to getting payments electronically.
Information needed from the supplier: company name, accounts receivable email address, and phone number.
If you have any questions about this information, please contact Purchase, Pay & Travel Customer Service.