Technology has helped define how agencies manage their purchasing and payments. We have come a long way from the days of paper receipts, and it is certain that further advances in technology will continue changing the face of government payments.
Necessity is the mother of invention, and there is no better example than government agencies spurring advances in payment tools to address their unique requirements. The federal government was quick to recognize the benefits of new technologies, encouraging collaboration with the payments industry to create solutions specific to the diverse needs of the public sector. In their effort to enhance the management of public funds, agencies sought sophisticated tools to increase transparency by clear and real-time monitoring as well as to strengthen accountability through better reporting and compliance mechanisms.