FedScoop: Treasury launches financial management projects leveraging automation, blockchain

“The Treasury Department is using emerging technologies to streamline how agencies manage their finances in two projects launched Monday.”

“Both projects are being run by the Bureau of Fiscal Service‘s Office of Financial Innovation and Transformation with support from Deloitte and are expected to save the government millions of dollars annually.”

“The first project, Digital End-to-End Efficiency (DEEE), is focused on digitizing and automating entire business processes, rather than using robotic process automation (RPA) or artificial intelligence to expedite parts…”

“A second project, Blockchain for Grant Payments, continues a 2017 effort to have grant recipients use the technology to digitally represent, or tokenize, payments, as well as redeem or transfer them. Treasury plans to evaluate the functional and legal implications of using blockchain for grant payments for six months but predicts the technology will reduce costs and labor while improving internal controls and trust…” Read the full article here.

Source: Treasury launches financial management projects leveraging automation, blockchain – By Dave Nyczepir, September 22, 2020. FedScoop.

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