US Treasury Department implements electronic invoicing
News11.07.2012 Comments (1)
The US Treasury Department plans to launch an Internet Payment Platform by the end of September, according to a Federal Register notice released on 9 July.
From the 2013 fiscal year, all new payment requests will be processed in a secure, centralised web-based electronic invoicing and payment information system. The platform will automate the routing and approval workflow within an agency.
The Treasury aims to reduce paper transactions and the amount of time workers spend dealing with payment status related questions. It will also increase transparency in the overall payment process.
The new system will create a standard set of electronic data to submit payments to the government. It is expected to save all users money on postage costs and the costs of dealing with multiple processes - such as routing documents.
A payment history feature will also keep current records for the convenience of contractors.