JPMorgan Chase & Co. has agreed to provide an antifraud screening service for its corporate clients whose employees cash their paychecks at Wal-Mart Stores Inc. outlets.
The New York banking company announced the deal Wednesday to conduct positive pay verifications on payroll checks presented for cashing at Wal-Mart financial services centers. Such services let banks verify that business clients' checks are valid by comparing them to lists provided by the clients when they are presented for payment.
Clients' reconciliation data is updated by JPMorgan Chase throughout the day as checks are cashed.
Wal-Mart offers check-cashing services at all of its retail locations, except for those in New York, New Jersey, Rhode Island and Connecticut.
JPMorgan Chase said it offers similar services to its treasury clients at all its retail bank branches.
