Launch of Vendors@Gov
Vendors@Gov is a secured one-stop online portal that allows Government vendors to conveniently submit and track the status of their E-invoices, enquire and update payment status and details anytime, anywhere across the globe. E-invoicing also enables suppliers to cut down on paper use. Prior to this, the Government would receive over 600,000 invoices from suppliers a year, equivalent to 1.35 million sheets of paper.
One of the value-adding innovations embedded within Vendors@Gov is the Bank Account Validation System (BAVS). Previously, vendors had to make personal trips to their banks for verification of bank account details GIRO application forms. To make it hassle-free, AGD worked with banks, Accounting & Corporate Regulatory Authority (ACRA) and the Immigration & Checkpoints Authority (ICA) to automate the validation of vendors’ bank accounts. This had saved much time and effort for multiple parties – vendors, banks, ministries and AGD.