Help us Facilitate the Adoption of e-Invoicing in the U.S.
The Business Payments Coalition is a volunteer group of financial institutions, service providers, corporations, standards bodies, and individuals working to promote greater adoption of electronic business-to-business (B2B) payments, remittance data, and invoices. The Coalition’s goal is to make B2B payments more efficient across the end-to-end process, that is, to achieve straight-through-processing across both the procure-to-pay and order-to-cash cycles.
EDICOM, as global technological provider, is a member of this workgroup and the semantics group. We provide our knowledge and understanding based on our experience with e-Invoicing in LATAM and Europe.
In order to collect relevant information on current Invoicing processes and analyze the market’s needs, the BPC has launched an anonymous survey to analyze how companies are currently managing their invoicing. . This data will be evaluated and used to create an invoice standard for the U.S. This crucial step will ensure that any future output is relevant and usable by the entire U.S. market, regardless of an organization’s size or industry.
Please, feel free to take the survey, no information will be connected to you or your company.
Implementation of electronic processes worldwide
As part of an unstoppable digital transformation at a global scale, electronic processes are being regulated in many countries, driving companies to adapt their internal working systems.
e-Invoicing is on the rise in LATAM. Almost all Latin American countries already have their own e-Invoicing model, being Mexico and Brazil the countries with most advanced models.
Through Directive 2014/55/UE, Europe is promoting B2G e-Invoicing for all its Member States by forcing Public Administrations to be able to accept electronic invoices as of April 18, 2019. And Italy has been the first country in Europe in making e-Invoicing mandatory for all companies, in the B2G and in the B2B scope.
The U.S. market currently uses diverse e-Invoicing models, standards and communication protocols, creating interoperability problems and making it difficult to promote a unique system.
Due to this fragmented market, United States is still far from achieving the implementation of a national electronic model. But standardization and widespread of this model could help cut costs, reduce use of paper and boost efficiency.
EDICOM, as part of the workgroups analyzing e-Invoicing models and requirements, will provide suggestions and know-how and stay close to any updates on this matter.