The Treasury Department announced today it is implementing a mandate on its bureaus to use the Internet Payment Platform. This is all in support of President Barack Obama’s Campaign to Cut Waste. Treasury bureaus would have to begin using the electronic invoice processing solution by the end of fiscal year 2012.
The department would also require its commercial vendors to submit their invoices using IPP in fiscal year 2013. It estimates the adoption of IPP across the federal government would reduce costs of entering and responding to invoice inquiries by almost 50 percent or $450 million annually.
“The Internet Payment Platform is a common-sense solution that utilizes technology to process, track, and save money in the federal budget, benefiting the American taxpayers wallet and the federal government’s bottom line,” said Sen. Tom Carper, chairman of the Subcommittee on Federal Financial Management.
The Treasury’s invoice processing costs will be reduced by 50 percent and will save $7 million annually with the use of IPP. Some of the Treasury bureaus that will be adopting IPP includes Internal Revenue Service, Bureau of Public Debt, Bureau of Engraving and Printing, and the Office of the Comptroller of the Currency, among others.