OMB publishes draft payment standard under line of business

The Office of Management and Budget released an exposure draft of the payment management standard, a common business process that supports the Financial Management Line of Business consolidation initiative. Standard business processes provide common activity sequences, data elements and definitions for business processes used governmentwide. Standards let agencies better account for their funds and report financial transactions. OMB, the Financial Systems Integration Office and the Chief Financial Officers Council’s FSIO Transformation Team developed the payment management standard. FSIO is accepting comments on the draft until June 18. The payment management standard spans requisition, obligation, receiving, acceptance, invoice and payment for commercial contracts and small acquisitions disbursed by the Treasury Department. It is the second chapter in a series of FMLOB standard business processes that will include: The standard reflect best practices in an electronic environment, sound internal controls and compliance with OMB’s Office of Federal Financial Management core financial system requirements.