The Financial Management Service (or FMS) was a bureau of the

United States Department of the Treasury The Department of the Treasury (USDT) is the national treasury and finance department of the federal government of the United States, where it serves as an executive department. The department oversees the Bureau of Engraving and Printing and t ...

and provided several financial services for the

federal government A federation (also known as a federal state) is a political entity characterized by a union of partially self-governing provinces, states, or other regions under a central federal government (federalism). In a federation, the self-governin ...

. On October 7, 2012,

Secretary of the Treasury The United States secretary of the treasury is the head of the United States Department of the Treasury, and is the chief financial officer of the federal government of the United States. The secretary of the treasury serves as the principal a ...

Timothy Geithner Timothy Franz Geithner (; born August 18, 1961) is a former American central banker who served as the 75th United States Secretary of the Treasury under President Barack Obama from 2009 to 2013. He was the President of the Federal Reserve Bank o ...

issued a directive merging the FMS with the

Bureau of the Public Debt The Bureau of the Public Debt was an agency within the Fiscal Service of the United States Department of the Treasury. United States Secretary of the Treasury Timothy Geithner issued a directive that the Bureau be combined with the Financial ...

to form the new

Bureau of the Fiscal Service The Bureau of the Fiscal Service (Fiscal Service) is a bureau of the United States Department of the Treasury, U.S. Department of the Treasury. The Fiscal Service replaced the Bureau of the Public Debt and the Financial Management Service effectiv ...

Services

These services include centralized payment, collection, and reporting services, oversight of a daily

cash flow A cash flow is a real or virtual movement of money: *a cash flow in its narrow sense is a payment (in a currency), especially from one central bank account to another; the term 'cash flow' is mostly used to describe payments that are expected ...

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 Welfare, or commonly social welfare, is a type of government support intended to ensure that members of a society can meet basic human needs such as food and shelter. Social security may either be synonymous with welfare, or refer specificall ...

and

veterans' benefits The US Department of Veterans Affairs provides a wide variety of benefits, e.g., educational assistance (GI Bill), healthcare, assisted living, home loans, insurance, and burial and memorial services, for retired or separated United States armed ...

, issuance of

tax refund A tax refund or tax rebate is a payment to the taxpayer due to the taxpayer having paid more tax than they owed. By country United States According to the Internal Revenue Service, 77% of tax returns filed in 2004 resulted in a refund check, ...

s 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, the Financial Management Service started to use Credit Gateway as a deposit program for the receipt of federal agency

Fedwire Fedwire (formerly known as the Federal Reserve Wire Network) is a real-time gross settlement funds transfer system operated by the United States Federal Reserve Banks that allows financial institutions to electronically transfer funds between its ...

and ACH credit transactions. It is an effort to modernize the collections and cash management programs of the

US Department of the Treasury The Department of the Treasury (USDT) is the national treasury and finance department of the federal government of the United States, where it serves as an executive department. The department oversees the Bureau of Engraving and Printing and ...

and is being implemented in multiple phases over the course of two years. The Credit Gateway is operated by a commercial bank that has been designated as a financial agent of the government. The bank processes FMS transactions using its own infrastructure and commercial software. The transactions settle at

Federal Reserve Bank A Federal Reserve Bank is a regional bank of the Federal Reserve System, the central banking system of the United States. There are twelve in total, one for each of the twelve Federal Reserve Districts that were created by the Federal Reserve A ...

s, rather than at the designated commercial bank. The Credit Gateway processes transactions in real time to FMS reporting systems, namely the Transaction Reporting System.

References

External links

Financial Management Service website
{{authority control United States Department of the Treasury agencies Financial management Defunct agencies of the United States government