MSG is pleased to announce that it has recently been awarded a contract by the Federal Reserve Bank of Boston (FRBB) to provide a benchmark analysis of cost savings for the U.S. Treasury's Invoice Processing Platform (IPP). The IPP IPP is a centralized, secure, Web-based service that accepts, processes, and presents transaction data from agencies and vendor systems related to all stages of electronic order-to-payment processing: purchase orders, invoices, approvals, and ACH payment information, including aftermath activity such as partial payments, debt offsets and returns.
Invoicing for many agencies is still a paper-heavy business function. As a result, there remains a significant potential to drive savings to the bottom line of agencies through the use of IPP. The objective of MSG's analysis will be to identify the full costs of paper-based invoicing, to compare these costs to electronic invoicing,and to identify the potential cost savings of using IPP.