Overview: "Financial Connection"

Current Issue

Back Issues

Subscribe Free

By Fred Lehnhoff, Accounting and Data Management Division

In January 2008, the Financial Management Service’s (FMS) Electronic Check Processing (ECP) application began sending production data to the new Transaction Reporting System (TRS). ECP, built and operated for FMS by the Federal Reserve Bank of Cleveland, will serve as TRS's main source for General Lockbox transactions and remittance information.

TRS is being developed and operated for FMS by PNC Bank. Establishment of this interface marks a major success for both the TRS and ECP teams. It is also a notable milestone for FMS's Enterprise Data Architecture Team, which defined and helped map the Standard XML Financial Transaction Schema used for the interface. ECP is the first application to use the schema in a production mode with TRS.

TRS is slated to become the single touch point through which Federal agencies will receive all of their collection transaction details on a daily basis. In addition, TRS will eventually take over deposit reporting from CA$HLINK II. This transition will be phased in between 2008 and 2010. With all collection transaction detail and deposit vouchers originating from the same source simultaneously, TRS will ease the burden of daily reconciliation of cash receipts to deposits. TRS will also facilitate reporting of collections according to the new Government- wide Accounting requirements.

For more information about TRS, please contact Christina Cox, TRS Project Manager, at 202-874-7207.

Viewing PDF files requires the free Acrobat Reader.

You can sign up for your free subscription to The Financial Connection [here.