On the web Invoice – An Prospect for the Banking Market
Roughly only about five per cent of Europe’s 30 million invoices were sent digitally in 2009. Yet , the number of electronic bills is increasing rapidly – around 35-40% per year according to Billentis Report1. Many banks are already providing electronic invoicing services to their corporate customers – are you absent out? dang ky gia han chu ky so viettel
Support the Economical Supply Chain
There are many documents supporting the procure-to-pay and order-to-cash operations from the first purchase demand to the ultimate remittance details supporting automated payment getting back together. All of these documents are required for the complete end-to-end process in purchasing or selling goods and services. Unfortunately, almost all of these documents are currently changed on paper with only the payment being conducted electronically.
The invoice is the main document in the complete process since it is the demand for repayment bridging the delivery of goods and services with their financing. The web account is also the conclusive record of the taxes component of the purchase and as such has legal status and is subject to compliance requirements, Banks should be promoting their corporate client’s electric invoicing requirements – especially as invoices are so closely interlinked with their core business of funding and payment.
5 Causes Why E-Invoicing Belongs Banking companies
Banks are uniquely placed to profit from the development of electronic invoicing and related services: –
– Existing reach – Banks already provide services which are seen by nearly all Corporates and SMEs. E-Invoicing is an incremental service which leverages the existing systems and relationships to the banks advantage. Introducing E-invoicing provides additional earnings channels with minimal disruption.
– Existing trust network – Financial institutions already provide, manage and maintain an identity network through their existing on the web banking portals and security procedures. These trust sites can be further used to support the complete Monetary Supply Chain. E-Invoicing provides additional return on the investment already made in the development and maintenance of a corporate consumer network.
– Core competence – Banks are actually very proficient at providing reliable, international, efficient global transactional services. Why limit these services to payment transactions when corporates expect more? Managing additional transaction types, such as E-Invoices, boosts the visibility of a corporates’ financial supply chain and generates increased transactional income.
– Financing opportunities – Quick and accurate visibility of a corporates supply cycle permits banks to supply attractive and progressive financing services with reduced risk.
– Brand – Despite the hardship within the industry, corporates are still more likely to entrust core services like an online monthly bill to recognised bank brands than unrecognized third get together suppliers. Providing E-Invoicing capitalizes brand recognition and the increased utility of lender services further cements customer loyalty.
These are reasons enough, but banks should also play their part in reducing the numerous environmental impact and source depletion required to support the mass of newspaper invoices.