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Get Up to Speed on TT&L Enhancements

Get Up to Speed on TT&L Enhancements

This winter, the St. Louis Fed will conduct educational seminars on the Treasury Investment Program (TIP) and Paper Tax System (PATAX), two new systems that will enhance the current Treasury Tax and Loan (TT&L) application in the third quarter of 2000.

Like the current TT&L program, these systems are designed to enable qualified financial institutions to collect and retain a portion of the nearly $1.4 trillion in federal tax deposits that the Treasury collects annually.

In February, TT&L Note Option institutions will be invited to attend a one-day session on TIP and PATAX at the St. Louis or Memphis office (see Calendar section for dates). Cash managers and operations staff members will be invited to learn more about the applications' features and enhancements, which include a new investment option, enhanced reporting and the ability to initiate account changes online. The seminar also will cover improvements in collateral monitoring, customer support and electronic access.

TT&L Remittance Option institutions will receive educational materials describing the new systems, which will have a minimal effect on their operations. In addition, both Note and Remittance Option institutions will receive a desktop reference guide, a FedLine® tutorial and a brochure containing information on reducing IRS adjustments.

Watch for more information about TIP and PATAX in the upcoming months. If you have any questions about the new enhancements, call John Hussey in St. Louis at (314) 444-4672, or check our web site at www.frbservices.org under the Treasury/Government section.