U.S. Dept. of the Treasury ensures payment accuracy and security
Reduction of 1 million pieces of paper used as documentation
Enhanced communications both internally and with other agencies
Reliable, single system of record for all post payment activities
Simplified reporting, cash management, and reconciliation
"As we process more than 1.3 billion payments and account for $3 trillion annually, the U.S. Treasury’s Payment Management area needed a creative solution that could handle a massive volume of secure transactions. Through the integration of modernized post-payment processes into our unique, innovative systems design, we have significantly improved payment integrity, visibility, efficiency, customer service, and the value to the American public."
The Business Issue
The U.S. Department of the Treasury is responsible for promoting economic prosperity and ensuring United States financial security. Within Treasury, the Bureau of the Fiscal Service supports the department’s mission through exceptional accounting, financing, collections, payments, and shared services. To manage the postpayment lifecycle of all Automated Clearing House (ACH), FEDWIRE, and government checks paid out by U.S. agencies, the bureau relied on five legacy applications and multiple disparate processes. These systems maintain seven years’ worth of government payment data, including seven billion records.
To improve payment accuracy, customer service to U.S. agencies, and streamline accounting functions, the U.S. Department of the Treasury Bureau of the Fiscal Service partnered with Pega to implement a robust Post-Payment System (PPS) modernization project. The PPS is to be the foundation for accounting for all payment activity and facilitate the management of the nearly 1 million cases where payments have gone awry.
The modernization vision is to expand its legacy application functionality and provide web-enabled access for users to see payment information, ask questions, make stop-payment requests and view scanned images of cashed checks. As a result of the project, the bureau will have consolidated all post-payment life cycle management (electronic and checks) into a single digital system, making it easier for employees to support payment questions and special requests.
Pega’s automation and security capabilities also ensure adherence to strict federal government security requirements. Additional security features implemented include confidential desktop scanning, secure document management, and a secure portal for financial institutions to view and take action on a variety of Federal Automated Clearing House (ACH) exceptions. ACH is an electronic network for financial transactions in the U.S. used to process credit and debit transactions in batches.
With PPS, the U.S. Treasury will be able to better manage exceptions, close gaps in the payment process, and improve customer service. Ultimately, PPS will provide a one-stop comprehensive post payment services for government agencies and financial institutions and once fully deployed, will support a wide variety of use cases. One additional bit of good news for U.S. taxpayers is the reduction of system operating costs by $10 million per year.
All text sourced directly from Governments Building for Change.
Download the full U.S. Treasury case study (and many others) here.
With Pega for Government, organizations can seamlessly engage with constituents over multiple channels.
See how USDA leverages Pega's re-use for multi-program grants solution.
How IT modernization helped the Fiscal Service uncover $20M in improper payments.