Federal Reserve Bank develops software for U.S. Treasury to handle corporate payments.(St. Louis)(Brief Article)

The U.S. Treasury's ability to manage tax collections received via corporate tax payments recently took a leap forward with implementation of new software applications at the Federal Reserve Bank of St. Louis.

An enhancement to the Treasury Tax and Loan program, the TIP & PATAX software applications were developed by the St. Louis Federal Reserve. The programs underwent months of testing and customer education before being brought online Oct. 23.

TIP, the Treasury Investment Program, lets financial institutions borrow excess tax funds until the U.S. Treasury needs them. PATAX refers to the Paper Tax System, which collects and …