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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). Starting April 19, 2025, if any payment in the file does not meet this requirement, the full file will be rejected, and the agency will need to correct the file and resubmit it 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 May 10, 2025, travel and fee payment types will be implemented and validated. Starting May 17, 2025, daily and monthly payment types will be implemented and validated. PAM will be comparing the TAS-BETC in the Shared Accounting Module (SAM) to ensure the TAS and BETC's are valid as of these dates.
       

  • 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.

May 15, 2025

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

Daily Treasury Account Symbol (TAS) Balance Report (DTBR)

The Daily Treasury Account Symbol (TAS) Balance Report (DTBR) was released the week of April 14, 2025. This report enhances federal financial management by providing daily insights into TAS balances at the transaction level. Agencies will have greater visibility and more timely information to make informed decisions, improve operational efficiency, and strengthen fiscal accountability. The DTBR data is derived from the Central Accounting and Reporting System (CARS), as received from the payment and collection systems where transactions originate. The DTBR provides data impacting Fund Balance with Treasury (FBwT). The report will be accessible through Connect.gov by permission-based collaboration space. If you have any questions, please contact dailytasbalancereport@fiscal.treasury.gov.

Do Not Pay

Use of the Do Not Pay portal is being reviewed by agencies because of updated recent guidance. If agencies have questions about Do Not Pay, contact OPI.Outreach@fiscal.treasury.gov or visit the Do Not Pay website.

Federal Accounting Standards Advisory Board (FASAB)

FASAB’s Commitments Task Force will hold its first meeting in early May. Task force members will support the Board to clearly define federal commitments and to develop reporting guidance for the benefit of federal financial statement users.

Federal Financial Management (FFM) Standards

Proposed FY 2026 updates will be posted on Regulations.gov for public comment this summer. Office hours will be held to review updates and answer questions prior to the release of updated standards. The final version of the updated FFM Standards for FY 2026 will be released in November 2025.

Governmentwide Spending Data Model (GSDM)

The GSDM v1.1.1 is a maintenance update, released on April 25, 2025, that will not significantly change or impact agency submissions of Files A, B, C and FABS. This update focuses on these improvements: 
•    Updating the Unique Award Key to use Agency Top-tier rather than Agency Sub-tier to reduce improperly linked awards on USAspending since FAIN is not unique governmentwide, 
•    GTAS requirements about SF-133 updates for two new USSGL accounts 480210 and 497210 that will be added to the SF-133 in FY 2026, and 
•    Migration of subaward reporting from (Federal Funding Accountability and Transparency Act (FFATA) Subaward Reporting System (FSRS) to SAM.gov.

View and download GSDM documents

Grants Management Standards

The GREAT Act (Grant Reporting Efficiency and Agreements Transparency Act of 2019) is modernizing reporting by recipients of Federal grants and cooperative agreements by creating and imposing data standards for the information that those recipients are required by law to report to the Federal Government. Updates to the Grants Standards to accommodate reporting changes required by the GREAT Act will likely impact financial management systems.

G-Invoicing

TFM Bulletin No. 2025-05 “G-Invoicing Implementation Update” was published on April 30, 2025, and included the following information:
•    Incorporates new agency relief options (IPAC & G-Invoicing)
•    Provides agencies with guidance on selecting the appropriate relief options 
•    Removes GPO’s Print and Publishing from the list of agency business lines who’ve been granted exemptions to the 7600EZ $10,000 threshold 
•    Reaffirms G-Invoicing as essential to fulfill a statutory purpose
View the “G-Invoicing Implementation Update” bulletin.

TFM Volume 1, Part 2, Chapter 1500

TFM Volume 1, Part 2, Chapter 1500: New Account Establishment, Updating Accounts, and Description of Accounts Relating to Financial Operations was published in December 2024. The chapter includes information on:
•    Setting Up New Treasury Appropriation Fund Symbols (TAFS)
•    Other TAFS Requests
•    Receipt Account Classification
View TFM Volume 1, Part 2, Chapter 1500. 

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). New bulletins were issued in December 2024 and March 2025. New USSGL bulletins are expected to be published in June 2025 and September 2025.
View the most recent USSGL bulletins

System Updates

Central Accounting Reporting System (CARS)

Fiscal Service plans to convert all Treasury Account Symbol reporting in CARS from String TAS Reporting to Component TAS Reporting through calendar year 2025. Online (UI) CTA String TAS Reporting will be unavailable starting June 2025 once CARS transitions to the Cloud. String TAS Reporting is scheduled to be removed entirely from the CTA module by December 2025. If you have any questions, please contact CAB.CARD.FA@fiscal.treasury.gov.

Collections Information Repository (CIR)

CIR’s Fedwire ISO 20022 implementation is scheduled for July 14, 2025. The implementation will include changes to support the new ISO 20022 standard for Fedwire transactions, which has enhanced intra-day 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 was updated to include the new Fedwire ISO 20022 standard. For more information, please visit the CIR website.

Common Approach to Identity Assurance (CAIA)

Fiscal Service continues to implement enhancements to user authentication and login processes across systems and services with a focus on improving efficiency and security. In FY 2025 Q2, the Bureau collaborated with service providers to enable enhanced identity verification and fraud prevention techniques. This work also deployed other security event monitoring capabilities.

ETSNext

The ETSNext (E-Gov Travel Services Next) Program Management Office (PMO) is engaging with agencies on the upcoming conversion to the new government-wide travel system. The first wave of agencies will be onboarding in November 2025. To stay up to date with ongoing ETSNext progress, please visit the ETSNext webpage on Connect.gov.

File Transfer Technical Changes

Agencies that use Connect:Direct to send and get files with the following Fiscal Service systems must make configuration changes to ensure the continuity of payment and debt collection processes. The impacted systems are: 
•    Payment Automation Manager (PAM)
•    Treasury Offset Program (TOP)
•    Cross-Servicing
•    Do Not Pay (DNP-Portal)
•    Centralized Receivables Service (CRS)

Agencies must start using the new windows Connect:Direct node by May 25, 2025. If configuration changes are not deployed, file transfers to the Fiscal Service systems listed above will no longer work. Agencies may experience a delay in debt referral or processing payment files. Please reach out to fiscal.connect-direct@fiscal.treasury.gov to deploy the required confirmation changes and test connectivity before the cutover deadline.

Fiscal Service System Re-platforming Initiative

Fiscal Service is migrating applications used by federal agencies to support reporting and transactional services to cloud platforms. The following systems are targeted to migrate in FY 2025 and early FY 2026. 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: May 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
•    International Treasury Services (ITS) – Target: August 2025
•    Automated Standard Application for Payments (ASAP) – Target: August 2025
•    Collections Information Repository (CIR) – Target: September 2025

FY 2026 – Q1
•    Over-the-Counter Channel Application (OTCnet) – December 2025
•    Electronic Check Processing (ECP) – December 2025
•    Shared Accounting Module (SAM) – December 2025

Federal Funding Accountability and Transparency Act (FFATA) Subaward Reporting System (FSRS)

As of March 8, 2025, FSRS.gov was retired, and all subaward reporting data and functionality are now on SAM.gov.

G-Invoicing

G-Invoicing Release 7.1 was deployed on April 2, 2025, and delivered the following:
•    Cancelled Order Lines / Schedules Enhancements (including a new Order Cancellation Feature Flag)
•    Mishandling of spaces as a valid character in G-Invoicing UI (Order and 7600EZ)
•    User Experience Enhancements
•    Performance Optimization to address the latency issues in Prod/QA
•    Defect Remediations

Intra-governmental Payment and Collections (IPAC)

Release 26.0 Cloud Go-Live will feature a modernized User Interface (UI)
•    UI changes will likely impact BOTs and any automation processes that agencies have in place today 
•    Agency testing window in the IPAC Cloud Staging Environment is targeted for May 2025 (Bulk File Automation - Users of Connect:Direct will be part of this testing work) 
•    R26.0 deployment planned for end of July 2025

Over-the-Counter Channel Application (OTCnet)

OTCnet issued Release 4.12 in March 2025 and introduced the following updates:
•    Upgrade to OLB (OTCnet Local Bridge) 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
•    Update Audit Log Search Filter
More information is available on the OTCnet website.

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.

Archives of prior fiscal year updates are available by request.  Please contact FMLoB@fiscal.treasury.gov.

 

 

 

Last modified 05/15/2025