Fed Develops TIP
and PATAX Systems

Fed Introduces Online
Electronic Data Reporting

In April, the Federal Reserve began offering online data reporting for financial institutions. All institutions that complete the FR2900 "Report of Transaction Accounts, Other Deposits and Vault Cash" are able to file the report electronically through the Internet.

Reports can be filed through a specialized web site designed by the Fed. Reporting information this way offers several advantages. For example, the system performs mathematical edits to ensure accurate data and provides receipts showing the date and time of data submission. It also accommodates both users who report for more than one depository institution and those that cross district lines.

"This new reporting option is a convenient, secure and cost-effective alternative for electronic data reporting," said Frank Bufe, manager of Statistics at the St. Louis Fed. "Over time, we expect to introduce electronic filing for additional reports."

To sign up for Internet reporting or for additional information, contact Robin Miller of the St. Louis Fed's Statistics Department at (314) 444-8554, or via e-mail at robin.miller@stls.frb.org.