Howard University and JPMorgan Chase announced they are expanding their relationship, and the multinational bank will now be the HBCU’s primary bank.
The relationship between the two is directly aligned with the university’s Howard Forward plan, which builds on the relationship between the two and focuses on academic development and the recruitment of students.
JPMorgan Chase will use its innovative technology and digital banking solutions to simplify and reduce manual processes that will increase efficiency and save time for Howard’s staff. The bank will also assist the university in adopting digital payment technologies that improve cash flow processes. The move will allow the HBCU to deliver refunds and facilitate donor transactions faster.
Howard President Wayne A.I., Frederick, M.D., MBA, said the partnership will benefit both parties and its students.
“JPMorgan Chase has been a steadfast and committed partner to Howard University. In naming JPMorgan Chase as our primary operating bank, we are deepening an already impactful partnership in ways that will drive clear and measurable success across the Howard University community and move us closer to achieving our Howard Forward strategic plan,” Frederick said in a statement.
“We are excited to be aligned with a financial institution that will work with us to find ideas and solutions beyond traditional banking.”
The multinational bank will also assist Howard with business continuity, fraud prevention, and cybersecurity efforts. The banking relationship has already reduced costs for the HBCU, totaling the equivalent to 20 full-time scholarships.
JPMorgan Chase & Co. Chairman and CEO Jamie Dimon said the new relationship will help the next generation of Black leaders.
“As one of the oldest and most impactful historically Black colleges and universities, Howard University has inspired generations of young talent and helped rebuild a more equitable society,” Dimon said in a statement. “We recognize that talent is distributed equally, but opportunity is not which is why we are so proud of our expanded partnership with Howard University. Together, we will empower a whole new generation of leaders and create new opportunities to serve our country and expand our global economy.”