First Union Corp. has struck a big deal with the U.S. Treasury to convert the federal government's nontax receivables into electronic funds transfers.

The government hopes to process some $40 billion worth of receivables that aren't tax-related - such as student loan and mortgage installments - through the automated clearing house network in the near future. Specific target dates have not been established.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

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