Richard L. Gregg and Gary Grippo Receive Distinguished Member of the Regiment Award From U.S. Army Finance Corps
Washington, D.C. - On May 7, 2010, Richard L. Gregg, Acting Fiscal Assistant Secretary, and Gary Grippo, Deputy Assistant Secretary for Fiscal Operations and Policy of the U.S. Department of the Treasury, received the prestigious Distinguished Member of the Regiment (DMR) award from the U.S. Army Finance Corps. The recognition ceremony took place in Columbia, SC (near Ft. Jackson).
The DMR award honors individuals whose legacy of landmark contributions and special acts brings significant credit to the Finance Corps. Distinguished Members of the Regiment show a lasting dedication to the Armyís Financial Management Commandís core values of patriotism, integrity, competence, and service.
The U.S. Army Finance Corps cited Mr. Gregg and Mr. Grippo for their significant contributions to military members and their families, as well as civilian personnel in the area of cash management. Their strategic vision and leadership brought innovative e-commerce solutions, like EZpay and EagleCash smart-card technologies, the U.S. Debit Card, and Paper Check Conversion (PCC) to Army locations worldwide. These Treasury applications have become the Armyís standard for reducing the amount of cash used to support financial operations.
To date, Treasury has issued more than 3.9 million stored value cards with a financial value of more than $3.7 billion. The PCC program, to date, has converted 30.2 million paper checks with a financial value of $52.7 billion. The U.S. Debit Card, another globally used cash management tool for military travel, cash advances, and disaster relief, currently has 60,000 active cards with an average daily balance of $4.1 million.
About EZpay and EagleCash: EZpay and EagleCash are cash management tools designed to support U.S. military personnel in the Army, Air Force, and Marine Corps. The U.S. Department of the Treasury jointly developed, and now manages, these programs along with the U.S. Army, Air Force, and Marine Corps to provide a more convenient and secure way for military members to manage their finances while in training or in a deployed environment. Using smart-card technology and off-line batch processing, the cards take workload out of the base Finance Office, freeing up military personnel for other essential duties. In addition, card holders benefit from increased convenience and security compared to previous methods of payment, which included cash, money order and paper checks.
Since the inception of EZPay in 1997, Treasury has issued 2.2 million cards with a financial value of more than $600 million. Since the inception of EagleCash in 1999, Treasury has issued 818,000 cards with a financial value in excess of $2.6 billion.
About PCC: Paper Check Conversion (PCC) converts personal and business checks into an electronic payment. The conversion occurs at the point of sale or in a lockbox environment. For the U.S. Army, the PCC program decreased their average check processing time, as well as the number of returned checks. It improved accountability at disbursing offices, and eliminated the need to mail, copy, and store physical checks. Since 2001, PCC has converted 3.2 million checks for Army Finance Offices worldwide representing a total of $7.5 billion.
About U.S. Debit Card: The U.S. Debit Card, a flexible payment tool with a MasterCard or Visa logo, can be used to deliver miscellaneous or nonrecurring payments to individuals, or to allow government employees access to cash in their official duties. The card program is an effective and cost-efficient way to manage operational expenses for travel, cash advances, disaster relief, and other purposes. Since 2001, the U.S. Southern Command has issued 2,000 cards with a financial value of over $16 million.
About the U.S. Army Finance Corps: Headquarters, Department of the Army General Order 21 established the Finance Corps under the U.S. Army Regimental System, effective May 7, 1987, and further established Fort Benjamin Harrison as the home of the Corps. On September 12, 1994, the home of the Corps was relocated to Fort Jackson, South Carolina. The Finance Corps is organized with the "whole branch" being one single regiment and, as with other Combat Service Support branches, it retains its "Corps" title. To carry out the intent and spirit of the Regimental System, the Finance Corps Proponent has the responsibility to provide for soldier opportunity, professional development, and meaningful affiliation/association.
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