NEW YORK, August 21, 2008 - JPMorgan announced today that it has renewed its contract with the State of Arizona for the distribution of benefit payments to the more than 250,000 households currently participating in programs like food stamps and cash assistance. Utilizing JPMorgan's electronic banking transfer services (EBT), program participants are able to access their benefits through convenient, easy-to-use debit cards. JPMorgan recently announced the renewal of similar programs with the States of Alaska and Colorado.
JPMorgan has served as the EBT contractor for the state's Arizona Quest Card for more than a decade. JPMorgan's EBT services enable state governments to cut the time and costs associated with the delivery of benefit payments. An alternative to expensive and cumbersome paper-based systems like checks or vouchers, debit cards reduce the significant costs of check delivery, administrative security and fraud, while enabling governments to enhance their paperless environmental initiatives.
"JPMorgan is honored to continue its partnership with the State of Arizona as we deliver efficient payment solutions designed to effectively meet the needs of its benefit claimants," said Laurie Neill, Managing Director of Public Sector Solutions, JPMorgan.
JPMorgan is the national leader in bringing electronic banking to low-income households through debit cards. The company provides EBT and debit card services bringing Food Stamp Program and other benefits, pension and entitlement payments to approximately 11,000,000 cardholders in over 30 states and territories, the United Kingdom and South America. Each month, the company is responsible for processing over 70,000,000 transactions and handling over $2 billion in funds in the U.S., the large majority relating to government programs. For more information about JPMorgan's Electronic Benefits Transfer solutions, go to www.jpmorgan.com/publicsector
About JPMorgan Treasury Services
The Treasury Services business of JPMorgan is a top-ranked, full-service provider of innovative payment, collection, liquidity and investment management, trade finance, commercial card and information solutions to corporations, financial services institutions, middle market companies, small businesses, governments and municipalities worldwide. With more than 50,000 clients and operations in 39 countries, JPMorgan Treasury Services (JPM TS) is the world's largest providers of treasury management services. JPM TS is a division of JPMorgan Chase Bank, N.A., member FDIC. More information can be found at www.jpmorgan.com/ts.
About JPMorgan Chase & Co.
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $1.8 trillion and operations in more than 60 countries. The firm is a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset management, and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase serves millions of consumers in the United States and many of the world's most prominent corporate, institutional and government clients under its JPMorgan and Chase brands. Information about the firm is available at www.jpmorganchase.com.