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Prompt Payment – Comptroller Policy
Vendor Information

May Not Waive Interest

Vendors may not waive their right to automated prompt payment interest. Vendors who do not wish to receive automated prompt payment interest may return the interest to the paying agency or may credit the agency with the interest.

See also: Exemptions and Waiver

Remittance Advice

When interest is paid to a vendor, the Comptroller's office transmits remittance advice about the interest included in the payment:

  • For direct deposit, the Comptroller's office provides CTX format addenda information summarizing the total amount of interest paid per invoice, the number of days it is late and the interest rate used to compute the interest paid to the vendor's banking institution.
  • For warrants, the total interest amount paid appears on the warrant stub as the last line of the remittance advice. If the warrant contains eight or more lines of remittance advice information (not including the interest payments), then the remittance line dedicated to the interest total supersedes the eighth line of remittance advice.