Background

• In April 2019, the Office of Management and Budget (OMB) issued Memorandum 19-16, Centralized Mission Support Capabilities for the Federal Government, which described a new approach to shared services and established a process for designating agencies as Quality Service Management Offices (QSMOs).
• The agency QSMOs offer solutions for federal agencies that, over time, standardize processes, shrink the technology footprint, and cut government-wide operating costs.
• OMB designated the U.S. Department of the Treasury (Treasury) as the QSMO for core financial management (FM QSMO) in June 2020.
• FM QSMO work with federal agencies and industry stakeholders has led to several notable accomplishments:
  • The Financial Management Capability Framework (FMCF), a financial management standards-based foundation for solutions and services in the Marketplace, was first released in April 2022 and is updated annually in November.
  • In May 2022, the General Services Administration (GSA), in partnership with Treasury, established a new Special Item Number (SIN) under the GSA Multiple Award Schedule (MAS) contract vehicles to provide access to commercial information technology offerings of the FM Marketplace.
  • The FM QSMO onboarded the first commercial vendor in November 2022, joining the federal shared service providers in the Marketplace who continue to expand services to federal agencies.
  • In December of 2022, the FM QSMO launched the Marketplace Catalog.
  • The first cloud-based Core Financial System (Core FS) was added to the Marketplace Catalog in July 2023.
  • The first agency use of the Marketplace for Core FS needs occurred in July 2024, and we continue to experience catalog expansion of both federal and commercial offerings.

Objectives

We are working to standardize and streamline what is common and give agencies the flexibility to invest where they need to support unique mission-oriented business needs.  We do this by:

• Offering and managing a marketplace of high-performing and cost-effective solutions to respond to agency needs;
• Partnering with agencies to determine strategies and solutions that will help them reach agreed-on government-wide goals;
• Guiding and governing the long-term sustainability of core financial management services and solutions;
• Instituting a customer and provider engagement and feedback model that allows for continuous improvement and performance management of solutions; and
• Working with customers and providers to adopt standards and comply with regulation and policy

Our Role

We serve as a broker between federal agencies and providers in the Marketplace to support financial system modernization planning, provide consultative advice, and help with using the Marketplace. We manage the Marketplace using a governance structure that follows a four-stage approach:

• Using established standards,
• Engaging in customer-centered solution management,
• Promoting its Marketplace through agile adoption; and
• Measuring performance of all FM QSMO activities.

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The FM QSMO meets with agencies to discuss their modernization plans, shares lessons learned and leading practices, and identifies opportunities for how agencies can use the FM Marketplace to meet both current and long-term FM needs. Agency customers helped shape the Marketplace, and their input is important to its future. We continue to ask agencies what brings the most value to them as the Marketplace grows and matures. 

We maintain the Marketplace Catalog, an online storefront and resource for agencies to explore, identify, research and get solutions and services that will help meet financial management needs

Our Resources page includes a wide variety of tools and resources available for agencies that include a readiness assessment, a customer journey map, and Marketplace acquisition guidance.

Stakeholders

We interact with the following stakeholders to broaden awareness, support participation by the vendor community and use by federal agencies and ensure that the Marketplace continues to grow and mature to meet changing and emerging needs of the financial management community. 

• Federal Agencies 
• Federal shared service providers 
• Industry (commercial providers of financial management solutions and services) 
• Non-profit public and private membership organizations

• Other stakeholders and partners (OMB, GSA, governance councils, other QSMOs)

   

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