Navy Completes Rollout of Stored Value Cards
The U.S. Department of the Treasury Financial Management Service and the U.S. Navy recently completed the rollout of the Navy Cash Stored Value Card program across the entire active Navy Surface Fleet.
With the most recent implementation of Navy Cash aboard the USS Frank Cable, the entire Navy Surface Fleet can leverage this cash management program.
"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 A. 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 program and its associated Marine Cash card represent a joint effort between Treasury and Navy to modernize disbursing processes, remove cash from shipboard operations, and provide sailors with electronic access to their funds while deployed.
"The Navy Cash program is a huge step forward for our sailors to reduce workload, increase security of funds and improve overall quality of life aboard the ship," said Navy Capt. George DeVries, Commander, Naval Supplies System Command. "Our next generation Navy Cash will vastly improve these capabilities."
Completing roll-out of Navy Cash enabled the Navy to phase-out the predecessor legacy program, "ATMs-at-Sea." Both milestones are the result of coordination and teamwork between FMS, Naval Supply Systems Command, and J.P. Morgan serving as Treasury's financial agent for this program.
The USS Frank Cable, based in Guam, is the 154th ship to receive the Navy Cash SVC program. Since the program began in 2001, Treasury and Navy have issued 374,000 Navy Cash and Marine Cash cards and have converted more than $660 million in physical currency to electronic value.
"Today, ships are carrying on average about 75 percent less cash on deployments and many return with more than 80 percent of that cash remaining," Captain DeVries said.
In addition, Navy Cash is being installed on new ships during construction, even before they are added to the active Navy Surface Fleet. Since August, two more ships under construction were outfitted with Navy Cash bringing the total number of installations to 156.
This November, the Navy Cash team plans to test new hardware that will enhance operational capabilities and lower program maintenance costs.
"With this conversion, we have met an important milestone in our joint effort with the U.S. Navy to improve financial management practices and the quality of life of the men and women serving our nation," Commissioner Lebryk said. "We are very proud of this partnership."
In addition to Navy Cash, Treasury manages two other cash management applications for the U.S. military using SVC technology: EZpay and EagleCash. EZpay, introduced in 1997, is a cash management application used to support recruit training for the U.S. Army, U.S. Air Force and U.S. Marines Corps. EagleCash, introduced in 1999, is used to support U.S. military operations and personnel deployed to peacekeeping missions and in contingency areas of operations overseas (e.g. Afghanistan and Iraq).
In total, these three Treasury SVC applications have enabled U.S. military agencies to transform certain financial transactions from cash to electronic, improve operational and personal cash management processes, and avoid the sourcing, transporting, securing, accounting, and disbursing of $4.1 billion in physical currency.
Tweet This