Wednesday, October 13, 2010
The U.S. Navy goes prepaid
The U.S. Department of the Treasury Financial Management Service (FMS) and the U.S. Navy reported the completion of the Navy Cash Stored-Value Card rollout across the entire active Navy Surface Fleet. The last implementation occurred on the USS Frank Cable, FMS said.
"FMS is excited to assist the Navy with this innovative electronic cash management service that virtually eliminates the need for currency and coins aboard ship," said David A. Lebryk, FMS commissioner. "With Navy Cash, the Navy has an efficient cash management process, and sailors have more secure and convenient access to their funds."
Completing the Navy Cash installation enabled the Navy to phase out its legacy system, ATMs-at-Sea, FTS said.
Navy Cash is a partnership between FMS, Naval Supply Systems Command and J.P. Morgan Chase, the treasury arm of J.P. Morgan Chase & Co., serving as FMS's financial agent.
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