{"id":786457,"date":"2023-09-27T10:59:28","date_gmt":"2023-09-27T14:59:28","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/j-p-morgan-to-provide-account-validation-services-to-the-u-s-government\/"},"modified":"2023-09-27T10:59:28","modified_gmt":"2023-09-27T14:59:28","slug":"j-p-morgan-to-provide-account-validation-services-to-the-u-s-government","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/j-p-morgan-to-provide-account-validation-services-to-the-u-s-government\/","title":{"rendered":"J.P. Morgan to Provide Account Validation Services to the U.S. Government"},"content":{"rendered":"<p>        <!--.bwalignc { text-align: center; list-style-position: inside }body {font:normal small Arial,Helvetica,sans-serif;color:#000;background-color:#fff;padding:24px;margin:0;} a img {border:0;} h3 {font-size:medium;color:#000;margin:0 0 1em 0; text-align:center;}-->  <\/p>\n<p class=\"bwalignc\"><b>J.P. Morgan to Provide Account Validation Services to the U.S. Government<\/b><\/p>\n<p>NEW YORK&#8211;(<a href=\"http:\/\/www.businesswire.com\">BUSINESS WIRE<\/a>)&#8211;<br \/>\nJ.P. Morgan announced today that it has been designated by the United States Treasury Department under a financial agency agreement to provide account validation services for federal government agencies. The program was awarded to J.P. Morgan after a competitive selection process and will extend for a minimum of five years.<\/p>\n<p>\nThe agreement with J.P. Morgan reflects the important role that account validation plays in Treasury\u2019s commitment to payment integrity and the reduction of improper payments. In fiscal year 2022, Fiscal Service disbursed nearly 1.4 billion payments for federal agencies totaling $5.27 trillion, including Social Security and Medicare payments, unemployment insurance, and tax refunds.<\/p>\n<p>\nImproper payments due to fraud or clerical errors can delay the delivery of critical funds to rightful recipients, lead to financial losses, and erode public trust in government services. The federal government reported an estimated $247 billion in improper payments during the 2022 fiscal year, according to the U.S. Government Accountability Office. This includes overpayments, underpayments and payments that should not have been made.<\/p>\n<p>\n\u201cIt is an honor to be selected to provide account validation services to the U.S. federal government agencies,\u201d said Takis Georgakopoulos, J.P. Morgan\u2019s Global Head of Payments. \u201cThis 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.\u201d<\/p>\n<p>\nIn its new role, J.P. Morgan will verify critical payment information for the federal government before payments are issued. The bank\u2019s advanced technology will verify payment details using its extensive network of secure customer information as well as industry data that the bank regularly accesses for payment processing. The bank already moves on average more than $9 trillion each day, and has made significant investments in real-time payments and other secure payments technology in recent years.<\/p>\n<p>\nAccount validation is J.P. Morgan\u2019s latest assignment for the Treasury Department. The bank has taken on different roles in recent years, advising Treasury as it digitizes its payment systems and modernizes its operations to pay and receive money from citizens and businesses more efficiently.<\/p>\n<p><b>About J.P. Morgan\u2019s Corporate &amp; Investment Bank<\/b><\/p>\n<p>\nJ.P. Morgan\u2019s Corporate &amp; Investment Bank is a global leader across banking, markets and securities services. The world\u2019s most important corporations, governments and institutions entrust us with their business in more than 100 countries. With $30.4 trillion of assets under custody and $647.5 billion in deposits as of June 30, 2023, the Corporate &amp; Investment Bank provides strategic advice, raises capital, manages risk and extends liquidity in markets around the world. Further information about J.P. Morgan is available at <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.jpmorgan.com%2F&amp;esheet=53564666&amp;newsitemid=20230927770634&amp;lan=en-US&amp;anchor=www.jpmorgan.com&amp;index=1&amp;md5=feb93680a78e604b84b686eee5167045\">www.jpmorgan.com<\/a>.<\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20230927770634r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" style=\"width:0;height:0\" \/><span class=\"bwct31415\" \/><\/p>\n<p id=\"mmgallerylink\"><span id=\"mmgallerylink-phrase\">View source version on businesswire.com: <\/span><span id=\"mmgallerylink-link\"><a href=\"https:\/\/www.businesswire.com\/news\/home\/20230927770634\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20230927770634\/en\/<\/a><\/span><\/p>\n<p>\nMedia Contact:<br \/>\n<br \/>Mike Marinello<br \/>\n<br \/>212-622-7426<\/p>\n<p><b>KEYWORDS:<\/b> United States North America New York<\/p>\n<p><b>INDUSTRY KEYWORDS:<\/b> Finance Banking Professional Services White House\/Federal Government Public Policy\/Government<\/p>\n<p><b>MEDIA:<\/b><\/p>\n<table cellpadding=\"3\" cellspacing=\"3\">\n<tr>\n<td><font face=\"Arial\" size=\"2\"><b>Logo<\/b><\/font><\/td>\n<\/tr>\n<tr>\n<td><img decoding=\"async\" src=\"https:\/\/mms.businesswire.com\/media\/20230927770634\/en\/1900537\/3\/JPM_Logo_2016_PRINT_D_RGB_%282%29.jpg\" alt=\"Logo\" \/><\/td>\n<\/tr>\n<tr>\n<td><font face=\"Arial\" size=\"2\"><\/font><\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>J.P. Morgan to Provide Account Validation Services to the U.S. Government NEW YORK&#8211;(BUSINESS WIRE)&#8211; J.P. Morgan announced today that it has been designated by the United States Treasury Department under a financial agency agreement to provide account validation services for federal government agencies. The program was awarded to J.P. Morgan after a competitive selection process and will extend for a minimum of five years. The agreement with J.P. Morgan reflects the important role that account validation plays in Treasury\u2019s commitment to payment integrity and the reduction of improper payments. In fiscal year 2022, Fiscal Service disbursed nearly 1.4 billion payments for federal agencies totaling $5.27 trillion, including Social Security and Medicare payments, unemployment insurance, and tax refunds. Improper payments due &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/j-p-morgan-to-provide-account-validation-services-to-the-u-s-government\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;J.P. Morgan to Provide Account Validation Services to the U.S. Government&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-786457","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>J.P. 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The program was awarded to J.P. Morgan after a competitive selection process and will extend for a minimum of five years. The agreement with J.P. Morgan reflects the important role that account validation plays in Treasury\u2019s commitment to payment integrity and the reduction of improper payments. In fiscal year 2022, Fiscal Service disbursed nearly 1.4 billion payments for federal agencies totaling $5.27 trillion, including Social Security and Medicare payments, unemployment insurance, and tax refunds. Improper payments due &hellip; Continue reading &quot;J.P. 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