Financial Management Service

The Financial Management Service (or FMS) was a bureau of the United States Department of the Treasury and provided several financial services for the federal government. On October 7, 2012, Secretary of the Treasury Timothy Geithner issued a directive merging the FMS with the Bureau of the Public Debt to form the new Bureau of the Fiscal Service.^[1]

Services

These services include centralized payment, collection, and reporting services, oversight of a daily cash flow of nearly $58 billion into and out of federal accounts, disbursement of more than $1.5 trillion to more than 100 million individuals via Social Security and veterans' benefits, issuance of tax refunds and other federal payments, collection of more than $2.67 trillion per year in payments to the government through financial institutions, and collection of delinquent debts owed to the government.

FMS has a total of 2,100 employees located in its headquarters offices in Washington, DC, and Hyattsville, MD, and its five regional centers in Austin, Birmingham, Kansas City, Philadelphia and San Francisco. Before 1984, FMS was known as the Bureau of Government Financial Operations.

Credit Gateway

On September 13, 2010,^[2] the Financial Management Service started to use Credit Gateway as a deposit program for the receipt of federal agency Fedwire and Automated Clearing House credit transactions.^[3][4] It is an effort to modernize the collections and cash management programs of the US Department of the Treasury and is being implemented in multiple phases over the course of two years.^[2][4]

The Credit Gateway is operated by a commercial bank that has been designated as a financial agent of the government.^[2][4] The bank processes FMS transactions using its own infrastructure and commercial software. The transactions settle at Federal Reserve Banks, rather than at the designated commercial bank.^[2][4] The Credit Gateway processes transactions in real time to FMS reporting systems, namely the Transaction Reporting System.^[2][4][3]

References

1. ↑ "Bureau of the Fiscal Service - History". Bureau of the Fiscal Service. 2013. Retrieved 26 November 2013. 
2. ↑ 2.0 2.1 2.2 2.3 2.4 Bushwood, Bill (April 19, 2010). "April 19, 2010 letter to all agencies". Financial Management Service. Retrieved 7 November 2012. 
3. ↑ 3.0 3.1 "Before & After Credit Gateway Comparison". Financial Management Service. Retrieved 7 November 2012. 
4. ↑ 4.0 4.1 4.2 4.3 4.4 "Common Questions". Financial Management Service. Retrieved 7 November 2012. 

External links

• Financial Management Service website

Agencies under the United States Department of the Treasury Headquarters: Treasury Building Jack Lew, Secretary of the Treasury Sarah Bloom Raskin, Deputy Secretary of the Treasury Deputy Secretary of the Treasury Alcohol and Tobacco Tax and Trade Bureau Community Development Financial Institutions Fund Treasury Inspector General for Tax Administration Internal Revenue Service Office of the Comptroller of the Currency Office of Tax Policy Under Secretary of the Treasury for International Affairs Office of East Asia Office of South and Southeast Asia Nations Office of Europe & Eurasia Office of the Western Hemisphere Office of International Monetary Policy Office of Banking and Securities Office of International Debt Policy Office of Development Policy Office of Financing Operations Office of African Nations Office of the Middle East and North Africa Office of International Trade Office of International Investment Office of Trade Finance Office of Technical Assistance Office of Risk and Research Analysis Exchange Stabilization Fund Under Secretary of the Treasury for Domestic Finance Advanced Counterfeit Deterrence Federal Financing Bank Office of Debt Management Office of Financial Institutions Office of Financial Markets Office of Financial Stability Office of Fiscal Service Bureau of the Fiscal Service Under Secretary of the Treasury for Terrorism and Financial Intelligence Office of Terrorism and Financial Intelligence Office of Terrorist Financing and Financial Crimes Office of Intelligence and Analysis Office of Foreign Assets Control Financial Crimes Enforcement Network Treasury Executive Office for Asset Forfeiture Treasurer of the United States Bureau of Engraving and Printing United States Mint