U.S. Treasury goes green with e-commerce

WASHINGTON, April 20 (UPI) -- The U.S. government will save 12 million pounds of paper and more than $400 million in five years by moving to electronic transactions, officials said.

The U.S. Treasury Department announced a three-pronged initiative to move from paper to electronic transactions as part of a green initiative.

"Treasury must lead the way in developing methods to deliver payments that are safe and secure in a manner that is efficient and reliable," said Treasury Secretary Timothy Geithner.

The department said it would save $300 million in five years by requiring recipients of Social Security benefits and other similar programs to receive their disbursements through direct deposit or debit cards issued by the Treasury Department.

A move to switch Federal Tax Deposit coupons from paper to electronic deposits starting in 2011 will save the U.S. taxpayer around $65 million during the first five years.

Finally, the Treasury Department will get rid of the option to purchase paper savings bonds through payroll deductions for federal employees starting Sept. 20 and for the private sector by Jan.1, saving $50 million during five years.

"By moving to all-electronic payments, Treasury will save hundreds of millions of dollars and substantially reduce our environmental impact, making this a win-win for all Americans," added Geithner.