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| Financial Services |
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Roseann Stichnoth (bio)
Executive Vice President |
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| The Financial Services Group fosters the integrity,
efficiency and accessibility of U.S. dollar payment and settlement
systems in support of U.S. financial stability and economic
growth.
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- Encompasses the Bank's "sales force" whose
activities include onsite sales calls to depository
institutions and sales presentations. Also provides
payment system information to the financial community.
- Operates much like a correspondent banking department.
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- Receives, processes and distributes new and previously
circulated currency and coin to depository institutions
to meet public demand for legal tender.
- Accepts unfit and excess cash from depository institutions,
government agencies and others.
- Destroys unfit currency.
- Distributes new or fit currency both domestically
and internationally through a global distribution
network of Extended Custodial Inventory (ECI) sites
in foreign countries that the Bank manages for the
Federal Reserve System.
- Handles and services physical securities issued
by the U.S. Treasury and other government and international
organizations.
- Acts as custodian for other physical valuables as
well, including collateral presented by depository
institutions to cover discount window borrowings and
gold bullion maintained by the Bank for foreign central
banks.
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- Provides customer support for the National Settlement
Service.
- Manages extensions for the Fedwire Funds, Fedwire
Securities and National Settlement Services.
- Assists computer interface customers in testing
their systems.
- Provides technical and operational support to other
Reserve Banks.
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- Manages a single hub for international payments
and collections on behalf of the Department of the
Treasury, Financial Management Services.
- Processes government vendor and benefit payments
for more than 50 government agencies across 150 countries.
- Continues to meet Treasury’s strategic goal
for international cash management by facilitating
the simplification of point to point solutions through
rapid development and consolidation of various government
cross-border systems.
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- Provides budgetary, analytical, communications and
administrative support to functions within the Financial
Services Group.
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