The Fed and U.S. Treasury announced that they will implement two new TT&L systems, the Treasury Investment Program (TIP) and the Paper Tax System (PATAX), on Oct. 23. The implementation, which was originally scheduled for July 10, was postponed to allow for additional testing of critical internal applications that interface with TIP and PATAX.
The new systems will mean that financial institutions participating in the TT&L program will receive more timely account information and be able to take advantage of new electronic access capabilities. Institutions will be able to enter advices of credit and retrieve general withdrawal information through a new PATAX National Voice Response System. All reports will be delivered electronically through either FedLine or FedMail, a new fax delivery system. Reports will no longer be delivered through the U.S. Postal Service or check courier.
Last spring, financial institutions had the opportunity to attend training sessions detailing the functionality created by the new systems. At that time, institutions also received a variety of educational materials, including the booklet, Your Guide to TT&L Enhancements. Your staff members may wish to review this information before the Oct. 23 implementation date to help them prepare to use TIP and PATAX.
In the meantime, if you have any questions about the upcoming implementation, contact the TT&L National Customer Service Area at 1-888-568-7343. Members of this centralized customer service function, which is located in St. Louis, are prepared to provide user assistance before, during or after the implementation. If you would like to review materials from the booklet Your Guide to TT&L Enhancements, visit the Treasury/Government section of the Fed's financial services web site, www.frbservices.org. There you will also find a list of frequently asked questions about TIP and PATAX.
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