The Treasury Department is aiming for quicker and easier contractor payments with its new Internet Payment Platform, according to Washington Technology.
The Federal Register issued a notice on July 9 that new payment requests for fiscal year 2013 will be processed through the new centralized electronic invoicing and payment information system.
Department officials plan to implement the platform before the end of September in order to reduce expenses from running multiple processes with their own requirements.
The platform is a secure web-based system that facilitates electronic payment and automates the routing and department approval workflow.
It is expected to increase visibility and transparency within the overall payment process for both vendors and departments.
According to the Matthew Weigelt article, the platform is efficient and establishes a new standard for electronic payment requests made to the government.
Officials state that the platform may eliminate paper documents used in processing payments and lessen the time for payment status inquiries.
Officials also claim that the platform’s payment history feature keeps current records for contractors.
The Department of the Treasury Acquisition Regulation was revised for the development of the new payment system.