IBC and FRTIB Celebrate Completion of Financial Systems Modernization Project

Last edited 04/30/2024

IBC is excited to announce completion of the Financial Systems Modernization Project for the Federal Retirement Thrift Investment Board. The scope of this project included the modernization and standardization of financial management, procurement, and travel systems. The project also included the decommissioning of legacy FRTIB technology and other customized support tools.  

FRTIB has been an IBC customer since 2006. Throughout the years, they have utilized a number of services across IBC’s Financial Management and Human Resources lines of business. With completion of the Financial Systems Modernization, the partnership between IBC and FRTIB continues to thrive and provide positive business results for FRTIB and the government at large. 

The expansion of FRTIB’s financial management services includes pre-built integrations with existing IBC services, which will improve overall management through enhanced reporting, business analytics and decision support information, reducing burden on staff to provide manual reports.

As part of the FRTIB’s modernization project, IBC deployed the PRISM SaaS solution, a procurement and contract management system that provides a streamlined, end-to-end procurement cycle that integrates and tracks information from the initiation of a requirement, through its solicitation and award.

FRTIB will also take advantage of E2 Solutions, a web-based, end-to end travel management system to plan, authorize, arrange, process, and manage official federal travel.

Benefits to FRTIB

With the implementation of the integrated SaaS solution, FRTIB will benefit from improved operations support by replacing outdated applications and providing ongoing access to industry improvements and features.

The integrated SaaS solution establishes a single authoritative source as well as reduces manual re-keying and reconciliations between applications by integrating Financial Management, Procurement, Travel & Expense, and Cash and Investment Management.

FRTIB will no longer have to serve as an integrator, own hardware, and maintain or extend custom-developed software in support of financial accounting operations.

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