28 Mar 2025
💳Executive Order 14247
Modernizing Payments To and From America's Bank Account
Summary
Executive Order 14247 aims to modernize the payment processes of the Federal Government by phasing out paper checks and promoting electronic payments. This order outlines the transition to digital payment methods to enhance operational efficiency, reduce costs, and combat fraud, while emphasizing the need for compliance from federal agencies and support for unbanked populations.
Agencies
- Executive Office of the President
Business Impact
$$$ - High
The Executive Order mandates the transition to electronic payments for all Federal disbursements, impacting businesses reliant on federal contracts or payments. The phasing out of paper checks may lead to operational adjustments for businesses in compliance with new electronic payment systems, addressing efficiency and security in financial transactions.