The Financial Management Service is responsible for agency compliance in accordance with the electronic funds transfer (EFT) provisions of the Debt Collection Improvement Act of 1996 (DCIA). This legislation was enacted as Public Law 104-134 on April 26, 1996. The EFT provisions of the DCIA were published in 31 CFR Part 208, Management of Federal Agency Disbursements, as a final rule on September 25, 1998. The regulation requires that, subject to the authority of the Secretary of the Treasury to grant waivers, all Federal payments (other than payments under the Internal Revenue Code of 1986) made after January 1, 1999, must be made by EFT. For complete information on waivers, the circumstances under which waivers are available, and the responsibilities of Federal agencies, see the following FMS publications:
Explanation of Key Regulation Provisions for Federal Agencies
EFT Vendor Payments Policy Guidance
Since the passage of the DCIA in 1996, agencies’ EFT conversion efforts continue to climb as reflected on the EFT Performance Chart below highlighting the projected and actual goals:
EFT Performance Goals
Fiscal Year
Projected Goals
Actual
1995
50%
50%
1996
51%
53%
1997
57%
58%
1998
63%
63%
1999
69%
68%
2000
70%
70%
2001
71%
72%
2002
73%
73%
2003
74%
74%
2004
75%
75%
2005
76%
76%
   Last Updated:  Wednesday January 07, 2009