On February 29, Jeff Belkin and Tony Balloon were quoted in The Wall Street Journal explaining the Office of Management and Budget’s new mandate on electronic invoicing and how it will impact government contractors and raise additional cybersecurity concerns.
“Any time you’re talking about moving money—particularly this volume—there’s going to be a significant level of scrutiny on compliance infrastructure and risk mitigation and fraud mitigation. There will be more scrutiny on what is already a highly regulated area of finance,” said Balloon.
“It’s not clear if any financial institution or processing company would do it for free. Will they try to charge the government directly or charge the vendor and make it a service that is part of the existing banking relationship,” said Belkin.
To learn more about Belkin’s and Balloon’s comments, see “New Rules Coming on Government Invoices” (subscription required).