South Carolina State Treasurer Curtis Loftis said on Friday that his office has returned more than $300,000 to the state's general fund because a partnership with Wells Fargo has saved taxpayer money and increased efficiency.
The State Treasurer's Office uses Wells Fargo's payment optimization tool for a number of daily transactions. The tool helps the state pay the right suppliers with the right payment type, resulting in less paperwork and manual processing.
"We appreciate Wells Fargo's partnership and innovation," Loftis said. "When we can work together to improve efficiency and return $300,000 to the general fund, we know we're on the right track."
"We're analyzing all of our systems to make sure we are working smarter to keep tax dollars safe, and to provide systems that make statewide transactions easier and more efficient," Loftis said. "Our strategic partnership with Wells Fargo shows that working smarter can make a big difference for South Carolina."
"Our goal has always been to provide the right tools for South Carolina," Brent Weaver, Wells Fargo's vice president of government and institutional banking, said. "We are thrilled the program is working well and value our partnership with the State Treasurer's Office."