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.”
The US money market fund reforms came into effect in 2016 and are already dramatically shaping US fund industry with investors flooding out of prime funds and into government securities. While the reforms are similar, they are not the same. GTNews interviews Yeng Bulter, global head of the cash business at State Street Global Advisors on the differences.
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As the May 25 deadline for Europe’s General Data Protection Regulation (GDPR) inches closer, many treasurers are being lumped with the task of ensuring their wider company is compliant.