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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 ...
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-gover ...
. On October 7, 2012, Secretary of the Treasury
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 ...
issued a directive merging the FMS with the Bureau of the Public Debt to form the new Bureau of the Fiscal Service.


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