(Reuters) -The U.S. Treasury Department has designated JPMorgan to provide account validation services for federal government agencies, the investment bank said on Wednesday.
JPMorgan will verify critical information for the federal government before payments are issued. Account validation is a process with which prepayment information involving account status and ownership information is completed.
The bank has taken on different roles in recent years, advising Treasury as it digitizes its payment systems and modernizes operations to pay and receive money from citizens and businesses more efficiently.
"This is a significant testament to our capabilities and this work will help to provide money to Americans faster, safer, and more accurately while also saving taxpayer dollars," said Takis Georgakopoulos, JPMorgan's global head of payments.
The program will extend for a minimum of five years, the bank said.