NIH teams with Pay.gov to speed tech-transfer payments

A new payment site within Pay.gov will make it easier for companies that license inventions owned by the National Institutes of Health and the Food and Drug Administration to make their royalty payments. Royalties are typically paid upfront for biological materials and over the term of a commercial patent license. The project is led by the Office of Technology Transfer and the Office of Financial Management at NIH.

By eliminating the need for bank checks, this bank-to-bank transfer system can shorten the processing time from several months down to a day or less. This also will reduce the administrative costs by moving from a paper system to a secure electronic system.

Full Story: http://www.nih.gov/news/health/aug2010/od-31a.htm