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Treasury Department Building

Financial Innovation & Transformation (FIT): Accomplishments


Since its start in 2010, the Office of Financial Innovation and Transformation (FIT) has identified a number of solutions that support common financial processes and improved financial data quality. Previous initiatives include centralizing receivables, promoting more efficient intra-governmental transactions and invoicing, and driving adoption of financial management shared services.

FIT's Accomplishments

  • Centralized Receivables Service (CRS)

    Improving agencies' debt collection processes was one of FIT’s very first initiatives. In close collaboration with the Bureau's Debt Management Services (DMS), FIT developed and promoted a Centralized Receivable Service (CRS) using an experienced private sector provider.

  • Intra-governmental Transactions (IGT)

    Improving accountability for money that is transferred from one federal agency to another (intra-governmental transactions [IGT]), was one of FIT's earlier initiatives. FIT worked with agencies to develop solutions to improve accountability for funds transferred between federal agencies (i.e., intra-governmental transactions).

  • Electronic Invoicing (E-Invoicing)

    Office of Management and Budget (OMB) Memorandum M-15-19, "Improving Government Efficiency and Saving Taxpayer Dollars Through Electronic Invoicing", directs agencies, by the end of Fiscal Year 2018, to transition to electronic invoicing for federal procurements. One of the ways to achieve this goal is through migrating to a federal shared service provider (FSSP) and adopting the FSSP e-invoicing solution.

    FIT aided the FSSPs in their effort to promote more efficient and transparent processing of vendor invoices through government-wide adoption of electronic invoicing by a limited number of shared, multi-agency solutions.

    Electronic invoicing supports the President’s Campaign to Cut Waste by making government more efficient and more transparent (Executive Order 13576). It also makes it easier for vendors to do business with the government by presenting a unified front through a common portal.

  • Shared Services

    The Office of Management and Budget (OMB) Memorandum M-13-08, "Improving Financial Systems through Shared Services", directed the Office of Financial Innovation & Transformation (FIT) to facilitate government agencies' use of shared services for financial management.

    OMB M-13-08 directs agencies to:

    • move from agency-specific financial systems to federal shared service providers (FSSPs)

    • consolidate financial management systems

    • use existing FSSP operations and maintenance teams to support systems and infrastructures

    OMB M-13-08 also directed FIT to work with the federal financial management community to design and carry out improvements to the current FSSP framework.


Quick References

OMB 16-11, Improving Administrative Functions Through Shared Services

Circular No. A-123 Appendix D, Compliance with the Federal Financial Management Improvement Act of l996

OMB M 13-08, Improving Financial Systems Through Shared Services

OMB M 10-26, Immediate Review of Financial Systems IT Projects



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