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Federal Financial Management Updates

The Bureau of the Fiscal Service provides federal financial management (FFM) updates to agencies and industry providers throughout the year that support executing financial processes, reporting and other activities. We also communicate updates to policies, procedures, and instructions about financial management in the federal government.

We’re working to coordinate our communication of these updates to better enable you, our stakeholders, to disseminate this information in your organizations and plan any needed changes to processes or systems.

We will continue to look for opportunities to streamline our practices to improve your experiences.

FY 2025 Guidance and System Updates

New Requirements

Broadcast messages were sent to the Chief Financial Officers Council (CFOC) community on February 11 and 19, 2025 detailing new requirements:

  • On February 15, 2025, Fiscal Service notified agencies of the requirement to include the Treasury Account Symbol (TAS) and Business Event Type Code (BETC) information at the payment detail level for validation in the Payment Automation Manager (PAM). Effective April 19, 2025, if any payment within the file does not meet this requirement, the full file will be rejected and the agency will need to correct the file and resubmit for successful validation. If you have any questions, please contact Fiscal Service Payment Production Support at (816) 414-2340 or by email at production.support.section@fiscal.treasury.gov.
     
  • Starting March 3, 2025, the Department of the Treasury's Bureau of the Fiscal Service began requiring agencies to include a payment justification for all Secure Payment System (SPS) Type A vendor/miscellaneous payments. If you have any questions, please contact Fiscal Service Payment Production Support at (816) 414-2340 or by email at production.support.section@fiscal.treasury.gov.

November 15, 2024

The following federal financial management updates are being posted and communicated through stakeholder channels. Some items have been updated to show completion or revised schedules.

Guidance Updates

Current Value of Funds Rate (CVFR)

Treasury's Bureau of the Fiscal Service updated and published the new CVFR for calendar year 2025 in the Federal Register on Nov. 5, 2024. Fiscal Service will also publish the 2025 CVFR in a TFM Bulletin.

Federal Entity Reporting Requirements

Volume 1, Part 2, Chapter 4700 of the Treasury Financial Manual (TFM) prescribes how federal entities provide data for the Financial Report of the U.S. Government using the Governmentwide Treasury Account Symbol Adjusted Trial Balance Systems along with more details from the audited entities’ financial statements.

Federal Financial Management (FFM) Standards

The FFM standards are incorporated in the Financial Management Capability Framework (FMCF), which defines baseline needs for FFM solutions and services. The FY 2025 FMCF update aligns with approved changes to FFM standards and includes other changes to financial management processes and data that impact core financial systems.

G-Invoicing

In early FY 2025, Treasury anticipates releasing a TFM Bulletin to deliver formal policy in response to the Chief Financial Officers Council’s request for Treasury to provide G-Invoicing implementation “relief options” for challenges associated with in-flight orders, intra-departmental activity and non-compliant agencies.

Governmentwide Spending Data Model (GSDM)

The GSDM version 1.1 release was issued on November 15, 2024 and focuses on implementing regulatory mandates and OMB policy updates, which will allow agencies to ensure full compliance with these changes. Implementations for this release started in October 2024 and will continue throughout FY 2025. This GSDM annual release will impact agency submissions of Files A, B, C and FABS.

System Updates

Collections Information Repository (CIR)

CIR has implemented changes to support the new ISO 20022 standard for Fedwire transactions. This has enhanced intraday reporting of Fedwire transactions before they are settled, which improves agencies’ visibility of transaction information. Also, the 5.0.3 XML Schema for CIR extracts were updated to include the new Fedwire ISO 20022 standard. Although CIR has implemented the changes to support this new standard, the Fedwire ISO 20022 implementation has been rescheduled to July 14, 2025.

Common Approach to Identity Assurance (CAIA)

The Navy Cash, EagleCash, and Stored Value Card (SVC) program systems implemented CAIA in FY 2024. System users were notified if re-authentication was required.

File Transfer Technical Changes

Fiscal Service is working with agencies to implement technical changes to ensure the continuity of several business processes.

The first project, already in progress, involves the Connect:Direct node, which manages file transfers between Fiscal Service and agencies. Connect:Direct is moving from a mainframe environment to a distributed environment. The change impacts the PAM, TOP, Cross-Servicing, CRS and Do Not Pay systems. Information was initially communicated to impacted agencies in September 2024 and configuration instructions have since been provided to agency technical points of contact. Testing is now available to agencies to prepare for implementation by February 2025. Reach out to the Fiscal Service at Fiscal.Connect-Direct@fiscal.treasury.gov with any questions or for more information.

The second project, which is planned to begin in 2025, involves changing the termination point (network and/or client) used to exchange files and messages with certain Fiscal Service applications. This change may impact the network routing and addressing as well as the configuration of tools and clients (e.g., MQ, Connect Direct) used to exchange files. The work is expected to begin mid-2025 and must complete by Q3 2026. No action is necessary today. More details, dates of change, and instructions will be provided in the future.

Fiscal Service Re-Platforming Initiative

The following systems are targeted to migrate in FY 2025. Agencies will get more information from Fiscal Service as testing windows approach. If your agency is interested in a comprehensive, agency-specific view of the schedule to assess impact, please contact fiscalcx@fiscal.treasury.gov.

FY 2025 - Q3

  • Cross-Servicing – Target: April 2025
  • Debit Gateway – Target: June 2025
  • International Treasury Services (ITS) – Target: June 2025
  • Intra-governmental Payment and Collection (IPAC) – Target: June 2025
  • Payment Automation Manager (PAM) – Target: June 2025
  • Central Accounting Reporting System (CARS) – Target: June 2025

FY 2025 - Q4

  • Government Invoicing (G-INV) – Target: September 2025
  • Automated Standard Application for Payments (ASAP) – Target: September 2025
  • Collections Information Repository (CIR) – Target: September 2025
G-Invoicing

G-Invoicing delivered Release 7.0.3 on October 23, 2024 to implement the annual update to the Product Service Code list to align to Acquisition.gov standards.

In Q2 FY25, G-Invoicing Release 7.1 will be implemented to deliver several enhancements to the management of canceled lines and schedules on IGT Buy/Sell Orders.

These upgrades will occur after normal business hours, but may cause temporary disruptions to processing activities by users both through the online interface and Application Programming Interface (API) file processing. During the upgrade, API file processing will be temporarily paused. However, agencies should continue to send their files as normal.

Information about these Releases and other G-Invoicing Program Information can be obtained by participating in the monthly Intragovernmental Transactions Working Group (ITWG). To register for this working group and view G-Invoicing resources and previous ITWG presentations, visit the G-Invoicing website. Future release plans will also be available at G-Invoicing’s Implementation Timelines webpage.

Intra-Governmental Payment and Collection (IPAC)

Treasury delivered Release 25.3 on November 6, 2024 to implement enhancements to the Retirement and Insurance Transfer System (RITS) associated with implementing Postal Service benefits changes effective January 1, 2025.

Also, two new IPAC Transaction Sub-Category codes were added for the processing of Intragovernmental Transactions. These new codes are in response to agency requests for mitigation options in support of their ongoing adoption and transition to G-Invoicing. The new Subcategory Codes are:

  • Legacy In-Flight Buy/Sell
  • Intra-Departmental Buy/Sell

Before using these new codes, agencies should ensure their ERP System(s) are positioned to handle the processing of these new codes. Agencies should also consult with their Trading Partners to confirm their readiness to exchange these new codes.

The upgrade will occur after normal business hours, but may cause temporary disruptions to IPAC processing activities by users both through the online interface and through bulk file processing. During the upgrade, bulk file submissions will be temporarily paused. However, agencies should continue to send their files as normal.

As a reminder, the Buy/Sell option for both the IPAC User Interface and IPAC Bulk File will be removed starting Oct. 1, 2025.

Over-the-Counter Channel Application (OTCnet)

OTCnet issued Release 4.11 in December 2024 and plans to issue Release 4.12 in March 2025. Updates for Release 4.12 include:

  • Upgrade to OLB 2.7.0.1 in OTCnet Offline
  • Modify OTCnet Login Process
  • Add Capability in Collections Information Repository (CIR) File Status Report to generate an Asynchronous Report
  • Add Scheduled Report Generation
  • Rename Historical Report Menu Option
  • Enhance System Performance and Security

More information will be available on the OTCnet website when Release 4.12 is delivered.

FY 2024 Guidance and System Updates

May 15, 2024

The following federal financial management updates were posted and communicated through stakeholder channels.

Guidance Updates

Federal Financial Management (FFM) Standards

Proposed updates to the FFM Standards for FY25 will be available for public comment on Regulations.gov from July 1 – August 15, 2024. During this time, agencies are encouraged to review and provide feedback on the proposed changes. The final version of the updated FFM Standards for FY25 will be released in November 2024.

Governmentwide Spending Data Model (GSDM)

A Governmentwide Spending Data Model (GSDM) update was released on April 11, 2024, with implementations beginning in July 2024 and continuing through FY25.

This GSDM maintenance update v1.0.1 will not significantly change or impact agency submissions of Files A, B, C and FABS. This update focuses on two minor improvements: one which will allow the capability for agencies to submit older, backlogged awards, and the other will align GSDM to OMB and GTAS requirements regarding two new USSGL accounts that were added to the SF-133 in FY23.

To understand the full set of changes and for specific line-item details, agencies should review the change logs of the Reporting Submission Specifications (RSS), Validation Rules, and Practices and Procedures.

U.S. Standard General Ledger (USSGL)

The USSGL issues bulletins containing updates to federal accounting guidance at least once a quarter through the Treasury Financial Manual (TFM). Additional USSGL bulletins are scheduled to be published in June 2024 and September 2024.

System Updates

Common Approach to Identity Assurance (CAIA)

The Bureau continues to implement enhancements to user authentication and login processes across our systems and services.

Although this transition is seamless and simple for federal government end-users, some re-authentication may be needed during the cutover. The Navy Cash program is scheduled to implement CAIA in FY24, and the program area will provide more information directly to system users as the deadlines approach.

Fiscal Service System Re-Platforming Initiative

Fiscal Service’s system re-platforming initiative is a Bureau-wide technology transformation initiative that includes migrating applications to a cloud infrastructure. Although the first phase is not expected to be disruptive to agencies, we may require some support for testing as we near system cutover dates.

The following systems are targeted to migrate in FY24 and early FY25. Agencies will get more information from program areas as we approach testing windows.

G-Invoicing

G-Invoicing, the long-term solution for federal agencies to manage their intragovernmental (IGT) Buy/Sell transactions, recently deployed version R7.0 to Production.

November 16, 2023

The following federal financial management updates were posted and communicated through stakeholder channels.

Guidance Updates

Federal Entity Reporting Requirements

Volume 1, Part 2, Chapter 4700 of the Treasury Financial Manual (TFM) prescribes how federal entities provide data for the Financial Report of the U.S. Government using the Governmentwide Treasury Account Symbol Adjusted Trial Balance Systems along with more details from the audited entities’ financial statements.

Agency Reporting Requirements for USAspending

The Governmentwide Spending Data Model (GSDM), formerly the DATA Act Information Model Schema (DAIMS), provides the data standards and reporting framework for submitting financial and award data to USAspending.gov.

Federal Financial Management (FFM) Standards

The FFM standards are government-wide financial management standards that agencies should follow when executing financial processes. These standards are incorporated in the Financial Management Capability Framework (FMCF), which defines baseline needs for FFM solutions and services.

System Updates

Post Payment Modernization (PPM)

Treasury will upgrade the post payment system by December 9, 2023. The post payment system upgrade is scheduled to start on November 28, 2023, and will continue through December 8, 2023.

The upgrade will cause temporary disruptions to post payment processing. During the upgrade, the submission of claims including processing of Automated Clearinghouse claims and U.S. Treasury check cancellations through bulk file submissions will be temporarily paused until December 8, 2023. Agencies should continue to send their files as normal.

Agencies will not be required to make any changes to their systems or processes or be required to log into any new systems because of the upgrade. U.S. Treasury ACH and check payments will continue to be disbursed during the upgrade period.

Platform Evolution Program (PEP)

The Platform Evolution Program (PEP) is a Bureau-wide technology transformation initiative that includes migrating applications to a cloud infrastructure.

Although the first phase is not expected to be disruptive to agencies, we may require some support for testing as we near system cutover dates. The following systems are targeted to migrate in FY24, and agencies will get more information from program areas as we approach testing windows.

Common Approach to Identity Assurance (CAIA)

The Bureau continues to implement enhancements to user authentication and login processes across our systems and services.

Although this transition is seamless and simple for federal government end-users, some re-authentication may be needed during the cutover. The programs below are scheduled to implement CAIA in FY24, and the program areas will provide more information directly to system users as the deadlines approach.

 

 

Last modified 04/28/2025