US Department of Veterans Affairs Financial Services Center Mandates Electronic Invoicing US Federal Department Seeks to Improve Payment Processing
ATLANTA, March 14, 2013 /PRNewswire/ --
The US Department of Veterans Affairs (VA) has finalized actions to mandate electronic invoice submission from suppliers to the VA Financial Services Center (VAFSC). The transition supports the requirements of the Improper Payment Elimination and Recovery Improvement Act signed by President Obama on January 10, 2013. The Federal Mandate is located in the Federal Registry at https://federalregister.gov/a/2012-28612.
Since 2007, VAFSC has expanded electronic invoicing services through OB10, the electronic invoicing network. "Electronic invoicing is the leading technological solution that eliminates error-prone manual processing and prevents improper payments," says Clint Loeser, VAFSC's Director of Financial Operations. "Receiving e-Invoices from suppliers ensures a faster, more cost-effective and transparent payment process."
OB10 offers simple and secure solutions that comply with the Health Insurance Portability and Accountability Act (HIPAA) to cut the cost and time of processing paper invoices. The benefits to suppliers from using electronic rather than paper invoicing include the:
- Delivery of invoices directly into the VAFSC payment system with routing nationally for approval
- Elimination of mail processing time, postage, and invoice receipt inquires
- Elimination of data errors, and lost or misplaced invoices
- Verification of invoice receipt and rejection through automated notification reports
The VAFSC's vendor-conversion plan will ensure a timely and smooth transition from paper to approved electronic invoice submission.
For more information, contractors should visit http://www.ob10.com/veteransaffairs
OB10 (http://www.OB10.com), the e-Invoicing network, simplifies and streamlines the complex invoice-to-pay process to enable prompt payment. Operational across Europe, Americas and Asia, OB10 can reduce the cost of invoice processing by 60% and deliver an ROI in less than a year.
The OB10 network connects over 127,000 suppliers to large buyers, such as Aviva, Cargill, Deutsche Lufthansa, Nomura, Eli Lilly & Company, General Motors, GlaxoSmithKline, IBM, Kellogg's, Motorola, Tesco, US Federal Government and Whirlpool.