The Financial Management Service, a bureau of the United States Department of the Treasury, provides central payment services to Federal Program Agencies, operates the federal government's collections and deposit systems, provides government-wide accounting and reporting services, and manages the collection of delinquent debt owed to the government. FMS also supports federal agencies' financial management improvement efforts in the areas of education, consulting, and accounting operations.
Acting as the U.S. government's money manager, FMS provides centralized payment, collection, and reporting services for the government. FMS is staffed by approximately 2,100 career civil servants and oversees the daily cash flow of more than $68 billion into and out of federal accounts. FMS also:
Disburses more than $1.8 trillion to more than 100 million individuals via social security and veterans' benefits, income tax refunds and other federal payments;
Collects nearly $3.2 trillion per year in payments to the government through 10,000 financial institutions, with more than $2.54 trillion collected electronically;
Provides cash management guidance to federal program agencies;
Serves as the government’s central debt collection agency, managing the government’s delinquent debt portfolio; and
Collects delinquent debts owed to the federal government.
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