Financial Management Business Transformation

The Department of Veterans Affairs (VA) established the Financial Management Business Transformation (FMBT) program in April 2016 to achieve VA’s strategic goal of modernizing its financial and acquisition management systems. The Financial Management Business Transformation Service (FMBTS) is leading the FMBT program under the Office of Management (OM) to improve financial and acquisition services to those who serve Veterans.

Through the FMBT program, VA is implementing an enterprise-wide financial and acquisition management system in cooperation with our systems integrator, CGI Federal. VA is migrating to the Momentum cloud solution, configured for VA as the Integrated Financial and Acquisition Management System (iFAMS).

VA continues to gain increased operational efficiency, productivity, agility, and flexibility from a modern Enterprise Resource Planning (ERP) cloud solution. The new cloud solution will also provide additional security, storage, and scalability.

To achieve the FMBT initiative’s goal of modernizing VA’s financial and acquisition management systems, the Office of Management (OM) is leveraging the Financial Services Center’s (FSC) deep expertise in deploying Department-wide transformation efforts. FMBT is strongly supported by Program Advisors (PAs) and Subject Matter Experts (SMEs) from across VA Administrations and Staff Offices and is closely partnered with the Office of Information and Technology (OIT) and the Office of Acquisition, Logistics, and Construction (OALC).

iFAMS is a modern integrated financial and acquisition management solution with transformative business processes and capabilities that enables VA to meet its goals and objectives in compliance with financial management legislation and directives.  It increases the transparency, accuracy, timeliness and reliability of financial information resulting in improved fiscal accountability to American taxpayers and improving services for those who serve the Veteran.

iFAMS is being deployed in a phased implementation approach with five implementations already completed.  FMBT will continue deploying iFAMS across VA until enterprise-wide implementation is achieved.