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.”
On day one of Sibos 2017, Stefan Dab, The Boston Consulting Group led a conversation examining the future of correspondent banking, and specifically the pain points corporate treasurers face in their cross-border payments operations and where technology can be developed to alleviate these.
Rising interest rates, excitement around blockchain use cases and cross-border payments were all hot topics at this year's AFP conference in San Deigo.
Today CGI and GTNews have announced the launch of the fifth annual Transaction Banking survey report, which offers which offers critical insight into the corporate-to-bank relationship.
On-Demand Treasury Management Solutions continue to gain increased adoption in the US and EMEA regions.