Federal agencies' banking system moves online

The Treasury Department's new Internet-based cash management system, CashLink II, went into operation today for deposit reporting and bank management information.

The financial data system from Treasury's Financial Management Service collects and manages government funds and provides deposit information to federal agencies.

This latest version of CashLink connects agencies, financial institutions, Federal Reserve banks and Treasury fund managers through an electronic network.

The system receives deposit information, initiates fund transfers and tallies daily deposits made through various collection mechanisms, such as Treasury's general account, Lockbox, Pay.gov, credit cards and paper checks, into Treasury's account at the Federal Reserve Bank.

CashLink II lets agencies verify deposits online, conduct automated clearinghouse and Fedwire transfers and voucher adjustments to reconcile accounts, FMS said. Previously, these tasks required phone calls, faxes and letters.

Agencies doing business with Treasury through CashLink II need Internet access and the Work Package II software, which replaces the Cash-Link Agency Access system, FMS said.

Federal agencies, financial institutions, Federal Reserve banks and FMS began enrollment and data set-up in July.

Early next year, users will have access to an automated bank management information reporting interface and new deposit reporting data fields.

CashLink II is designed to better monitor the government's cash position, giving officials information on how much cash the government has on hand at the beginning of each day. It also updates management software used to track the services and costs reported by financial institutions.

The system makes it easier for Treasury to reconcile agency accounts and verify collateral.

About the Author

Mary Mosquera is a reporter for Federal Computer Week.

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