Treasurer Loftis returns $300,000 to South Carolina general fund
Thursday, March 26, 2015
Treasurer Curtis Loftis' belief in efficiency and saving taxpayers' money has converged into a strategic partnership with Wells Fargo & Company. This partnership has helped the State Treasurer's Office (STO) streamline operations and return more than $300,000 to state coffers this year.
"We appreciate Wells Fargo's partnership and innovation," said Loftis. "When we can work together to improve efficiency and return $300,000 to the general fund, we know we're on the right track."
The STO uses Wells Fargo's payment optimization tool for many of its daily transactions. The tool works with accounts payable systems to reduce the expense footprint -- essentially paying the right suppliers with the right payment type. This reduces paperwork and manual processing, and is central to improving operational efficiency.
The STO began the program in 2013 and received a $197,361 rebate check in its inaugural year. In 2014, the STO progressively converted its statewide partners to the system and increased its rebate by 52 percent. In the two years the partnership has been in place, Treasurer Loftis has returned $497,469 to South Carolina's general fund.
"Our goal has always been to provide the right tools for South Carolina," said Brent Weaver, Wells Fargo vice president of government and institutional banking. "We are thrilled the program is working well and value our partnership with the State Treasurer's Office."