E-invoicing (EBPP) today and future trends in Nordic countries

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1 Euroforum Zahlungsverkehr 2006 E-invoicing (EBPP) today and future trends in Nordic countries The views expressed in this presentation are those of the author and do not necessarily represent those of the Bank of Finland Bank of Finland Harry Leinonen 4 July

2 E-invoicing means that 4The complete payment process is automated (from within payers systems to within payees systems) 4The data content attached to payments is expanded 4Customers and banks get benefits from e-integration and redesign of processes The old paper process is substituted by straight-through-processing and re-use of electronic data The savings and benefits are huge

3 Basic automation benefits of e-invoicing Company to company Payee s processes Printing Internet Physical transport e-payment process Banks processes Opening Manual input Payer s processes Internet Invoicing database Enveloping Paybles database Electronic transportation is more efficient All sub-processes can be automated Same e-data can be reused Easy and efficient archiving Manual errors are reduced, controls are better Cost savings in the range of at least euros per invoice

4 Customers are ready for e-invoicing 4Almost all customers have computers and internet access 4Almost all customers use e-banking 4Almost all corporate customers have automated invoicing, payables and receivables systems 4Customers want to improve invoicing payment efficiency and reduce the time spent on invoices 4Government agencies and large corporates require e-billing only The e-invoicing volumes increase rapidly in all Nordic countries

5 Use of e-banking by consumers in Finland 70 % 60 % 50 % 40 % 30 % 20 % 10 % 0 % Never Frequently BoF Consumer Inquiry Oct/Nov 2005 Popular and still with a slight increase in 5 years in 6 months now

6 Cash Bank debit card Credit card Direct debit E-invoice Giro via a dedicated paym. appl. Giro via a net-banking service Giro trough an ATM Giro over the counter 100 % 90 % 80 % 70 % 60 % 50 % 40 % 30 % 20 % 10 % 0 % 1 What is the primary method of effecting payments by your company Share of number of payments 26-50% over 50% 11-25% 1-10% 0 % BoF SME Inquiry Oct/Nov 2005 number one (net or appl.) E-banking is clearly

7 100 % 90 % 80 % 70 % 60 % 50 % 40 % 30 % 20 % 10 % 0 % Automation levels in Baltic and Nordic countries (electronic instructions/ number of payments) Automation degree Finland Sweden Norway Denmark Estonia Latvia Lithuania Sources: Central Banks, PBS and Finansrådet. esepa is important in Nordic/Baltic region Efficient implementation of e-standards is the basis for high automation levels

8 Number of electronic payments per capita, epayment developments per capita and automation level 250 NL 200 FI UK AT 150 DE SE BE DK 100 PT ES 50 IE IT GR Source: European Central Bank, Bank of Finland. Automation level, %,

9 E-invoicing alternatives 4Direct customer-to-customer eg via s, but addressing and security problems works among large corporates Payer s bank Payer Payee s bank Payee 4E-invoice hotels how to find a common hotel among all users? works among users of same ITcentre 4Bank provided service routed using IBANs over interbank payment networks works generally Payer s bank Payer Payer s bank Payer E-invoce hotel Payee s bank Payee Payee s bank Payee

10 Customer ID and acceptance control SEPA e-billing via bank system Payer s bank 3) Explicit Payment/invoice acceptance Payer 4) Interbank payment transfer 2) Interbank invoice transfer 1) Invoice transfer Payee s bank Payee 5) Payment reception E-invoices transferred via banks from payee to payer for explicit acceptance as part of payment service. Routing based on payer and payee IBANs. Banks are in the best position to offer general e-invoice services

11 E-invoicing to be part of all payment types 4Credit transfers payers just receive e-invoices to the e-banking account and accept by a click 4Direct debits payers receive the notification as an e-invoice on the e-banking screen 4Card payments Synergies of combining payment with invoice data complete e-information of the purchase on the e-statement of the bank (no paper receipts) E-invoice data should become a general part of all payments ie an expansion of the payment content

12 The push for common user standards 4Many international e-standards exist already one standard one de facto word-processing, presentation, spreadheet standard one de facto image (e-picture) standard 4One e-payment and e-invoicing standard would promote international interoperability availability of plug-and-play interface software efficiency for customers and banks 4Currently several proposals and forums for standards ISO 20022, CEN, UBL, SWIFT, TWIST, Finvoice TWIST and Finvoice are aligned Common standards are the basis for economy-of-scale benefits Let s have already from the beginning common European e-invoice standards

13 XML-based expandable standard/data scheme Invoice header Delivery terms Exchange rate Adjustment * Invoice details * Transport details * Consignment details * * Attachments Party (buyer, seller debtor, creditor ) Address info Account info Contact A general comprehensive XML-scheme/data dictionary which evolves over time. Invoicers use what they need for each invoice.

14 General Financial Transfer Message = same message for credit transfers, direct debits and card payments because of identical data content Application envelope e-payment instruction data Same XML dictionary for all messages One e-invoice standard Attachment 1 Invoice 1 Attachment 2 Invoice 2 Attachment n Data xx Every payment consists of a standard application envelope. All payments use the same XML dictionary for message data. Payments can carry enclosures based on own XML schemes. (Compare with s and enclosures)

15 Complete end-to-end STP (using common standardised FTM message) Payer s processes Customer Customer accounting payment system system FTM Bank Account system FTM C2B interface system/ network FTM Bank FTM payment system Banks processes Interbank standards Inter- Bank system/ network Customer-bank standards FTM Bank payment system C2B interface system/ network FTM Complete end-to-end process can be automated. Message standards, interfaces, protocols and security systems need to be standardised Payee s processes Bank Account system Customer payment system FTM Customer accounting system

16 E-account statements = e-invoice archives Credit transfers + e-invoice Direct debits + e-invoice Card payments + e-invoice e-statement 1 payments + invoices e-statement n payments + invoices Electronic account statement consists of individual payments incl. invoices plus totals ecustomers view ebank accounts like accounts Paying is just a phase in the invoice process Easy browsing of banks systems for invoicing information or customers copies of e-statements.

17 I am interested in a new payment method if I can a) give up paper invoices and switch to e-invoices b) keep detailed information on payments in an e-archive 30 % 25 % 20 % 15 % 10 % 5 % 0 % E-invoicing & e-archives have big potential 1 2 b) e-archive a) e-invoices 7 Minor Major importance importance BoF Consumer Inquiry Oct/Nov 2005

18 Invoicing assistance for entrepreneurs and small companies 4Go to bank s web-invoice page 4Fill the invoice form, use stored data 4Send the invoice (just click) 4Automated reconciling when paid Invoicing becomes easy and rapid for small companies, which can thereby fulfil large customers e-invoicing requirements

19 Seller e-invoice Factoring company Buyer e-factoring based on e-invoicing 4Send e-invoice to Seller s factoring company bank 4E-invoice sent onwards to Immediate discounted buyer payment Factoring 4Seller gets immediately company s the funds bank Payment 4Factoring company does according to e-invoice the collection work payment terms Buyer s bank The whole factoring process can be completely automated

20 Benefits of combined e-invoicing and payments 4Constant linking of complete invoicing data and payment instruction 4Same common standard for all payment types 4Same e-data reused (compare benefits to paper-invoice, surface mail from payee, reinput at payer, paper instruction to be reinput by bank, paper statement to payee, payee reinput and matching with poor matching codes) 4A common versatile e-standard promotes automation 4Software investments can be shared 4Total benefits >100 billion euro (55 billion non-cash payments) E-invoicing offers the greatest single cost-saving potential in the payments industry (the costs of modern technology is low, compare with the costs of sending s!!!)

21 E-invoicing can be the driver for esepa 4Customers require concrete benefits for the costs of necessary SEPA changes 4E-invoicing will bring customers significant benefits 4E-invoicing will create new income sources for banks 4E-invoicing can speed up conversion to XML-based messages 4Common e-invoicing standards will support third party software developments which enhance volumes SEPA and e-invoicing is a win-win opportunity Let s have e-invoices in esepa as soon as possible

22 The sooner the common e-invoicing standards, the sooner and the greater the e-invoicing benefits. Banks have the opportunity to create new beneficial services for the customers.

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