The US Department of Veterans Affairs (VA) has secured a federal mandate to move its suppliers to electronic invoicing (e-invoicing). The mandate is described as a significant step towards supporting the Improper Payment Elimination and Recovery Improvement Act (IPERA), signed by president Obama in January and aimed at a faster, more cost-effective and transparent payment process.
The VA, a US government-run military veteran benefit system is working with e-invoicing network OB10 on rolling out the system to suppliers so that e-invoices will go to the VA Financial Services Centre (VAFSC), which has worked with OB10 since 2007 to expand e-invoicing services.
“E-invoicing is the leading technological solution that eliminates error-prone manual processing and prevents improper payments,” said Clint Loeser, VAFSC’s director of financial operations. “Receiving e-invoices from suppliers ensures a faster, more cost-effective and transparent payment process.”
SWIFT has announced that it has successfully completed the first phase of the global payments innovation (GPI) initiative pilot, clearing the way for the go-live of the service in early 2017.
A recent Gallup poll found that respondents identified the 'economy in general' as their biggest concern.
Sentiment in the financial services sector deteriorated in the three months to September, as firms digested the challenges of lower interest rates and the uncertainty caused by the vote to leave the European Union (EU), according to the latest CBI/PwC Financial Services Survey.
However, a London summit on the industry’s introduction of the technology cautions that testing and acceptance are still at an early stage and firms should proceed with caution.