TIP and PATAX Implementation Delayed

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The U.S. Treasury and the Federal Reserve have made a joint decision to delay implementation of the Treasury Investment Program (TIP) and the Paper Tax System (PATAX) applications. Originally scheduled to be introduced July 10, TIP and PATAX are now expected to debut later this year. Until then, all TT&L processes will continue to operate under the current system.

The decision to delay implementation was made to allow for further testing of one of the Treasury's internal applications that interfaces with TIP. This application provides new and real-time information about the Treasury's cash balances.

Admittedly, financial institutions have already made preparations for the transition to these new applications, and we apologize for any inconvenience this delay may cause you. While TIP and PATAX have been thoroughly tested and stand ready for implementation, we believe the extra time will help ensure a smooth transition to the new applications.

A new implementation date for TIP and PATAX will be announced later this month. In the meantime, if you have any questions, call the TT&L National Customer Service Area toll-free at 1-888-568-7343.