Federal Times Blogs
The General Service Administration awarded this year’s SmartPay 2 Innovation award to the Energy Department for its use of an electronic payment system that will better track individual purchase orders, J.P. Morgan bank announced Thursday.
The Energy Department was the first agency to use J.P. Morgan’s Single-Use Account for SmartPay charge card purchases with CH2M-WG Idaho, one of its major contractors, according to a news release.
Instead of CH2M-WG Idaho using a general account number for all of its charges, the Single-Use Account issued a unique, 16-digit account number for each payment that CH2M-WG made to its vendors. This allowed the contractor to pay its vendors faster, better track where payments are going and increase payment security, according to J.P. Morgan’s global commercial card division.