U.S. Bank said it has extended its long-term contract to provide electronic freight payment processing for the U.S. Department of Defense.
DOD and its partner agencies save “hundreds of thousands of dollars annually” in freight invoice processing costs by using U.S. Bank Freight Payment to process and pay invoices, the bank company said in a statement.
U.S. Bank said its payment processing also gives the government a transparent supply chain with data capture and reporting, allowing DOD to more effectively manage its transportation program.
The bank said its partnership with DOD began in 1999, when the first of 14 one-year contracts was signed. The collaboration has grown from 69 processed invoices in the first year to more than 11 million by the end of 2012, U.S. Bank said.
U.S. Bank, which is a part of U.S. Bancorp, said it also partners with the State Department, Homeland Security, Health and Human Services and the Department of Energy under the terms of the contract.