The Treasury Department on Thursday awarded Riggs National Corp. a contract to develop an Internet-based cash management system for use by 2,300 government agencies.

The six-year contract can be extended to 15 years, if Riggs exercises three renewal options of three years each. Further terms were not disclosed.

The bank will redesign and upgrade Cash-Link, a PC-based cash management system Riggs has managed since 1988.

Cash-Link provides deposit and information reporting services to government agencies through linkages with 3,000 global banks. The new system will be designed for use with Web browsers, a technology that officials say is easier to distribute and support than PC-based software.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.