Treasury system could speed payments

Contractors might see quicker and easier payments if the Treasury Department can launch its Internet Payment Platform, which promises to reduce paper transaction.

Department officials plan to put the platform in place by the end of September. All new payment requests in fiscal 2013 will be processed in the centralized electronic invoicing and payment information system, the Federal Register notice states. The notice was released July 9.

The platform will be a secure web-based system that processes payment data electronically and automates the routing and approval workflow within an agency.

Officials hope to stop filing and storing paper payment documents. They also want to reduce the amount of time workers spend researching and answering payment status questions. The new platform would provide visibility into contract payments for vendors and departments.

It would also increase transparency in the overall payment process.

Officials amended the Department of the Treasury Acquisition Regulation (DTAR) to implement the system.

Besides department employees, officials expect the platform to reduce the time it takes to make a payment. It also creates a standard set of electronic data to submit payment requests to the government. Officials said the platform can save money on postage costs while improving cash management by eliminating things like routing documents.

The platform also could reduce the costs of dealing with multiple processes and requirements.

However, officials noted that the payment history feature in the platform is intended to provide a convenient reference for contractors, not to relieve contractors of existing record keeping requirements.

About the Author

Matthew Weigelt is a freelance journalist who writes about acquisition and procurement.

Reader Comments

Please post your comments here. Comments are moderated, so they may not appear immediately after submitting. We will not post comments that we consider abusive or off-topic.

Please type the letters/numbers you see above

What is your e-mail address?

My e-mail address is:

Do you have a password?

Forgot your password? Click here
close
SEARCH
 Top 100 Slideshow
contracts DB

Trending

  • Dive into our Contract Award database

    In an exclusive for WT Insider members, we are collecting all of the contract awards we cover into a database that you can sort by contractor, agency, value and other parameters. You can also download it into a spreadsheet. Read More

  • Is SBA MIA on contractor fraud? Nick Wakeman

    Editor Nick Wakeman explores the puzzle of why SBA has been so silent on the latest contractor fraud scandal when it has been so quick to act in other cases. Read More

Webcasts