J.P. Morgan has revealed it has been designated by the United States Treasury Department to provide account validation services for federal government agencies.
The decision means that off the back of a ‘competitive selection process’, the banking giant will take charge of the validation process for a minimum of five years.
J.P. Morgan underlined that the selection reflects the important role that account validation plays in the Treasury’s commitment to payment integrity and the reduction of improper payments.
“It is an honour to be selected to provide account validation services to the US federal government agencies,” stated Takis Georgakopoulos, J.P. Morgan’s Global Head of Payments.
“This is a significant testament to our capabilities and it is particularly gratifying that this work will help to provide money to Americans faster, safer, and more accurately while also saving taxpayer dollars.”
New responsibilities as a result of the selection will see J.P. Morgan take hold of verification for payment information for the federal government before payments are issued.