Treasury: Musk Has ‘Read Only’ Access to US Payment Systems

U.S. Treasury building

The U.S. Treasury says Elon Musk has only limited access to America’s payment systems.

As the Wall Street Journal (WSJ) reported Tuesday (Feb. 4), the Treasury Department says it is carrying out an “operational efficiency assessment” of its payment systems and it hasn’t suspended or rejected any payment instructions.

This came after representatives of Musk’s Department of Government Efficiency (DOGE) gained — as the WSJ puts it — “unusual access” to the system, sparking protests from Democratic lawmakers and former Treasury officials.

In a letter to lawmakers, the department said the DOGE representatives will have “read-only access” to coded data in the systems at the Bureau of the Fiscal Service. The letter didn’t specify whether the employees would have access to the underlying software that runs the payment systems or whether DOGE-affiliated employees could edit computer code.

“This is similar to the kind of access that Treasury provides to individuals reviewing Treasury systems, such as auditors, and that follows practices associated with protecting the integrity of the systems and business processes,” said the letter, signed by Jonathan Blum, principal deputy assistant secretary for legislative affairs at Treasury.

DOGE’s effort is being spearheaded by Tom Krause, a tech executive brought on as a “special government employee,” the WSJ report said.

As part of the group’s other cost-cutting efforts, DOGE is trying to convince federal employees to take buyouts. So far, the organization said earlier this week, more than 20,000 workers have agreed to the offer. That’s 1% of the government workforce, far below the 5%-10% figure Musk had been targeting.

Speaking with PayTechFocus CEO Karen Webster earlier this week, Amias Gerety — a high-ranking Treasury official under the Obama administration — said that litigation is certain if DOGE tries to interfere with payments. He added that the notion of a loosely defined organization such as DOGE meddling in this process was a “10-alarm fire.”

“This will end up in the courts if they stop payments,” Gerety, investor partner at QED, told Webster. “The mere fact of access, of read-only access, probably isn’t litigable. But the moment they try to block, delay or divert payments, lawsuits will fly.”

Concerns about DOGE’s efforts appear to have reached the White House, at least on some level. President Donald Trump said earlier this week that Musk has no authority to let workers go without the administration’s permission.

“Elon can’t do and won’t do anything without our approval, and we’ll give him the approval where appropriate,” Trump said. “Where not appropriate, we won’t.”

Noting that Musk — in addition to his DOGE duties — oversees several large companies, Trump added, “If there’s a conflict, then we won’t let him get near it.”

Corpay Keeps Focus on Cross-Border and Corporate Payments Corpay Keeps Focus on Cross-Border and Corporate Payments

Corpay Keeps Focus on Cross-Border and Corporate Payments Despite Macro Turbulence

Corpay, earnings, b2b payments

As the global transportation and logistics sectors navigate economic uncertainty, rising fuel costs and increasing regulatory pressures, fleet managers are reevaluating their operational strategies.

The focus is shifting toward efficiency and cost savings, making payment and expense management a critical component of modern fleet operations. That was what Corpay executives told investors on Wednesday’s (Feb. 5) fourth quarter 2024 earnings call. And it’s good news for them.

“The only thing that has changed since our last call is that the macro has gotten a lot worse … our core businesses have remained just as strong,” CEO Ron Clarke said.

Still, a combination of FX headwinds and a weaker international currency environment clipped around $20 million from print revenue, though a favorable tax rate provided a counterbalance, he added.

Despite external pressures, Corpay’s Q4 results showcased the company’s ability to maintain stability and even drive growth in turbulent conditions. For Q4 2024, Corpay reported revenues of $1.03 billion, a 10% increase year-over-year, with organic revenue growth reaching 12%. Adjusted net income rose 18% to $383 million, while adjusted EPS climbed 21% to $5.36.

Key Growth Segments: Corporate Payments Leads the Way

Corpay’s Corporate Payments division was the standout performer, growing 26% in Q4 and 20% for the full year. This growth was fueled by strong demand for accounts payable (AP) automation and international payment solutions. The company secured a major enterprise AP client, marking its expansion beyond the mid-market segment into large-scale corporate accounts.​

“We primarily compete with banks, which control over 90% of international payment flows,” Clarke said. “But our superior technology and proprietary network give us a strong edge in this market.”

Corpay remains active in M&A, with plans to further expand its corporate payments business. The integration of GPS Capital Markets and Paymerang is well underway, and both deals are expected to add $0.50 in cash EPS accretion in 2025​.

Corpay’s Vehicle Payments segment showed mixed results, with Q4 organic revenue up 8%, improving from 4% in Q3. Growth was primarily driven by increased adoption of digital vehicle payment solutions in Brazil, where the company has been expanding aggressively. Insurance-related revenues in the region rose over 130%, and Corpay sold nearly 300,000 vehicle insurance policies in Q4 alone.

Read more: Corpay to Acquire Brazil-Based Gringo to Expand Vehicle Payments Business

The company also acquired Gringo, its second vehicle payments acquisition in Brazil, expanding into the car debts payment market.

“This gives us entry into a huge Brazil payments TAM, approximately three times the size of our toll TAM, and very early days in terms of penetration,” Clarke noted.

PayTechFocus Intelligence’s “How the World Does Digital” report surveyed 67,000 consumers across 11 different countries. It found that Brazil was far ahead of all of them — including the United States — in digital engagement. Drilling down into the results, in 2023, 66.8% of Brazilians used mobile banking apps on their phones at least once a month, and 46.8% used these apps at least weekly.

Corpay is also focusing on cross-border payments. Revenue for that segment jumped 20% year-over-year, driven by 43% sales growth in Q4. Corpay is aggressively expanding its cross-border solutions, leveraging a proprietary network that allows it to compete effectively with banks, which still control 90%+ of international payment flows.

Fluctuating fuel prices continue to be one of the most significant challenges for fleet operators. Companies are deploying fuel hedging strategies and data-driven purchasing decisions to mitigate volatility. Corpay offers solutions that provide detailed fuel pricing insights and analytics, enabling fleets to make smarter purchasing decisions and reduce overall fuel spend.

Ultimately, Corpay’s 2024 results highlight a company firing on all cylinders, with record adjusted earnings and a rapidly expanding corporate payments business. However, macroeconomic headwinds — particularly foreign exchange volatility — are expected to weigh on 2025 performance.