Login | Store | Training | Contact Us  
 Latest News 
 Product List 
 Related Links 

   HomeLatest News
    

Treasury Dept. Establishes Internet Payment Platform

 

The Department of the Treasury has finalized, without change, a proposed rule (70,063.03) implementing use of the Internet Payment Platform, a centralized electronic invoicing and payment information system. According to the Department, the IPP benefits agencies by eliminating the need to file and store paper payment documentation. By providing contractor and department-wide visibility into contract payments, the IPP also reduces the time agency personnel will spend researching and answering payment status questions. IPP benefits contractors by reducing time to payment, costs associated with multiple processes and requirements, and paper and postage costs. The platform also improves cash management by eliminating delays associated with submitting and routing paper, and increases transparency in the payment processes. The IPP is provided at no cost to contractors or agencies adopting the platform.

New Subpart

The rule amends the Department of the Treasury Acquisition Regulation by adding new DTAR Subpart 1032.70, which prescribes policies and procedures for electronic submission and processing of payment requests. DTAR 1032.7000 sets forth the scope, DTAR 1032.7001 adds a definition of "payment request," and DTAR 1032.7002 adds a policy provision. DTAR 1032.7003 prescribes a new contract clause, DTAR 1052.232-7003, Electronic Submission of Payment Requests. Generally, contracts awarded after October 1, 2012, must require electronic submission of payment requests. The Department will support contractor transition from paper-based payment processes to IPP through a series of webinar and video training on various aspects of the application. The rule also changes the definition of "bureau" at DTAR 1002.101 to reflect the consolidation of two Department offices. The rule goes into effect August 8, 2012. For the text of the final rule, see 70,060.02.

































































































































































































 






 

 

(The news featured above is a selection from the news covered in the Government Contracts Report Letter, which is published weekly and distributed to subscribers of the Government Contracts Reporter. )

     
  
 

   2001-2020 CCH Incorporated or its affiliates
Print this Page | About Us | Privacy Policy | Site Map