Over the past year, you have undoubtedly heard about the new banking contracts we have been negotiating and the operational efficiencies and cost savings that they can create once implemented. When you said you wanted to be able to report through one platform, we heard you. This update will make your workday more productive, as will the reductions in manual adjustments and
many other benefits
you will experience. I am excited to offer you an enhanced suite of electronic banking products and services as we transition our existing relationships to J.P. Morgan Chase, as well as a number of convenient local branch options to meet each agency’s in-person banking needs. Local branch options will be communicated as soon as contracts are executed later this year.
Beginning next year, we will be working with agencies to implement these services, which will aim to improve customer service while also reducing risk. We will engage each of your departments throughout the year, and plan to work with a limited number of teams at a time so that we can give you our full attention, better understand your needs and concerns, and bring you the best solutions possible. We are also mindful that each agency has its own unique requirements, so we plan to work collaboratively to define a transition schedule that works well for your team.
In advance of the agency planning meetings, there are a few things that you and your team can do to prepare for this modernization initiative:
- Determine who on your team should be involved and designate a project lead
- Subscribe to the Banking Upgrades email distribution to receive regular updates on project status
- Take an inventory of the banking services that you currently use, including any that would require you to access a bank in person
- Identify all bank accounts associated with your department
- Ensure all accounts are operating in accordance with the Division of Accounting’s Budget and Accounting Policy Manual (BAM)
- Reach out to us prior to making any changes with your current banking services. We will help ensure you are using the most effective product mix.