The US Department of the Treasury Financial Management Service (FMS) and the US Navy have completed the rollout of the Navy Cash Stored Value Card (SVC) programme across the entire active navy surface fleet.
With the most recent implementation of the Navy Cash programme aboard the USS Frank Cable, the entire navy surface fleet can leverage this effective cash management programme.
“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 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.”
The Navy Cash programme and its associated Marine Cash card represent a joint effort between the US Treasury and the navy to modernise disbursing processes, remove cash from shipboard operations, and provide sailors with electronic access to their funds while deployed.
Completing roll-out of Navy Cash enabled the US Navy to phase out the predesscor legacy program, ‘ATMs-at-Sea’. Both milestones are the result of co-ordination and teamwork between FMS, Naval Supply Systems Command (NAVSUP), and JP Morgan serving as treasury’s financial agent for this programme.
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