e-invoicing status and experiences Tapani Turunen Moscow

Size: px
Start display at page:

Download "e-invoicing status and experiences Tapani Turunen 20.10.2011 Moscow"

Transcription

1 e-invoicing status and experiences Tapani Turunen Moscow

2 Agenda 1. Over-riding Vision 2. E-invoicing as innovation and productivity platform 3. EU and International achievements 4. Next step VAT-automation 5. Setting deadlines key to fast progress

3 Over-riding Vision We are heading for a totally digitalized, automated, real time networked and Global economy

4 Productivity: E-Invoicing as a platform for benefits Recognized 50% savings for FTEs in in Payables process * Environment CO2 net saving 300g/invoice * SME s measured savings: 1% of turnover Value-added layers based on e-invoicing Automated accounting Automated VAT-reporting Automated cashflow estimates Adding to EU target: CUT-25 of SME administrative burden from red tape * Source: Aalto University Real-time Economy program

5 Progressive thinking, small investments > HUGE value E-salary E-ID E-payment 3.0 XBLR reports TSU & BPO Tax returns Cash flow estimates Supplier finance Bank guarantees VAT payments E-slips Cash based accounting Invoice financing Currency hedging Payment automation VAT reporting Account statement 3.0 Financing Trade finance & Risk mitigation Payments Reporting New sectors Automated Real Time Innovation platform e I n v o i c i n g File transfers Innovation platform E-banking Innovation platform P A Y M E N T S 12

6 What is important for the customer? E-invoicing contributes to all of these Real time visibility Lower business transaction costs Better customer service Better selling Better liquidity management New Customer Value Better risk management Lower administration costs Easier & cheaper financing

7 Major steps towards the Single Market Two key recommendations implemented: - New VAT directive equal treatment - ISO20022 global message standard (UNCEFACT CII v2 based) Next: Harmonized and automated VATcollection with split-payment model

8 Standardization breakthrough in extended payments 20022/11649 creditor reference e-invoice Seller Invoice Biller Service Provider Invoice Buyer Service Provider Invoice Buyer payment XML account statement Biller s Bank Payment Infrastructure Buyer s Bank XML account statement

9 ISO Universal financial industry message scheme The approach. syntax neutral business modelling methodology syntax specific design rules industry led development/registration process financial repository on reverse engineering approach to ease coexistence SWIFT s long term strategy is ISO

10 VAT GAP and future VAT In 2008 total VAT receipts collected by Member States was EUR 862 billion Study has estimated gap between theoretical economies based VAT is 12% (in 2006) and in several Member States over 20% EU Green Paper: On the future of VAT; Towards a simpler, more robust and efficient VAT system ) Split Payment Model The customer instructs his bank to pay for the goods or services, with the bank splitting the payment into the taxable amount paid to the supplier and the VAT amount transferred directly to the tax authority. This model eliminates missing trader fraud but it would require substantial changes in the way all businesses and tax administrations handle VAT. The issue of how to deal with cash or credit card transactions needs further work.

11 Split Payment - Real-Time VAT Tax Administration Tax Admin s Bank Tax Invoice Seller Trade Invoice Buyer Seller s Bank Split Payment Buyer s Bank Payment

12 European e-invoicing service providers Over 500 e-invoicing service providers in Europe European e-invoicing service provider association has been founded in 2011 and first assembly will take place December 2011 Deploy interoperability, standards etc.

13 Deployment: regulation stick - carrot Carrots do not work Very common approach is to set deadline on buyer side for paper invoices Most effective on sell-side is to set real cost based charge for paper invoice Cause tens of percent increase on e-invoice amounts Most effective is regulation Brazil ->90% penetration for tax invoices

14 deadlines (examples) for incoming paper & PDF Denmark Nordea Bank Tampere Singapore Italy Lindström IBM, HP OpusCapita Aditro Tieto UPM Rautaruukki Helsinki Kesko Wärtsilä Hansel Spain Sweden Götene Municipality Finland TEKES KELA Kone Aalto University Fed of Financial Services Borås Blekinge Jönköping Elisa Basware Turku Deloitte Espoo Bank of Finland Nokia NSN Kauniainen Vattenfall Oulu Brazil 2010 Mexico 2010 Greece PwC Tampere Chamber Stora Enso Ahlström Hämeenlinna Finnair TeliaSonera Outokumpu Neste Oil RAY YLE Uusikaupunki Lahti Vantaa Kirkkonummi MTV Pietarsaari Lappeenranta Pori Salo Porvoo Järvenpää Jyväskylä Kittilä Siilinjärvi Oulunkaaren Ky Forssa Saarijärvi Norway 2012 USA 2012 Canada 2012 Hungary enterprises are signed up for e- invoicing in Finland

15 EC Expert Group on e- Invoicing Crystal clear mindset: Paper invoices have NO future in EU 2

16 Wisdom from ice hockey: Do not go where the puck is > go where it is going! Wayne Gretzky 2

17 The future is not planned nor prognosed It is created! Thank you 2

Life-cycle thinking and management

Life-cycle thinking and management 2009 Tieto Corporation Life-cycle thinking and management IT-service aspects SHOK-Summit 20.4.2010 Bo Harald Life cycle products and services have a limited life, sales pass through distinct stages, each

More information

The European Commission e-invoice undertaking Bank of Finland 28.08.2008 Bo Harald

The European Commission e-invoice undertaking Bank of Finland 28.08.2008 Bo Harald The European Commission e-invoice undertaking Bank of Finland 28.08.2008 Bo Harald 1 E-invoicing Expert Group Outline 2 1. Timeline 2. 5 Mega-class reasons for e-invoicing 3. Progress in EG 4. How to get

More information

Results of the Expert Group on e-invoicing. Bo Harald Chair EC Expert Group on e-invoicing

Results of the Expert Group on e-invoicing. Bo Harald Chair EC Expert Group on e-invoicing Results of the Expert Group on e-invoicing Bo Harald Chair EC Expert Group on e-invoicing Expert Group on e-invoicing - Mission Defined in Commission Decision of 31 October 2007: Identify shortcomings

More information

Internationalization and higher education policy: Recent developments in Finland

Internationalization and higher education policy: Recent developments in Finland Internationalization and higher education policy: Recent developments in Finland Seminar on Cooperation between Russian and Finnish Institutions of Higher Education St Petersburg 5.-7.2.2008. Rector Anneli

More information

A case for 100 billion potential savings by solution re-usage

A case for 100 billion potential savings by solution re-usage A case for 100 billion potential savings by solution re-usage Networked Business and Government Something Real for the Lisbon Strategy Finland s EU Presidency Conference in Helsinki 23-24 October, 2006

More information

February 2015. Are You Ready for E-invoicing?

February 2015. Are You Ready for E-invoicing? February 2015 Are You Ready for E-invoicing? CONTENT Introduction... 3 1. SME Pain Points...4 2. E-invoicing Market... 5 2.1 European e-invoicing market...5 2.2 U.S. e-invoicing market... 6 3. E-invoicing

More information

Corporate Transparency Sustainability Reporting 2020

Corporate Transparency Sustainability Reporting 2020 Corporate Transparency Sustainability Reporting 2020 Teresa Fogelberg, Deputy Chief Executive Yritysvastuun ajankohtaiset asiat, June 2, 2014 Making sense of sustainability What is sustainability reporting?

More information

Nordic Practice and Experience on e-invoicing. Erkki Poutiainen 20 November 2007

Nordic Practice and Experience on e-invoicing. Erkki Poutiainen 20 November 2007 Nordic Practice and Experience on e-invoicing Erkki Poutiainen 20 November 2007 E-invoicing challenges Country A Invoice Issuer (Supplier/Seller) This works already today well inside many single countries

More information

BUSINESS JUSTIFICATION

BUSINESS JUSTIFICATION RMG N021 rev21 E-INVOICE BUSINESS JUSTIFICATION FOR THE UPDATE OF THE UNIFI (ISO 20022) FINANCIAL REPOSITORY Name of the request: E-Invoice. Submitting organization: UN/CEFACT TBG5 The International Trade

More information

Public administration: Approaches with E-Invoicing, E-Payment & E-Auditing

Public administration: Approaches with E-Invoicing, E-Payment & E-Auditing Public administration: Approaches with E-Invoicing, E-Payment & E-Auditing Bangkok, November 29 th, 2012 Bruno Koch Billentis in Brief Highly specialized consulting company: E-Invoicing, optimisation of

More information

WELCOME! Introduction. Celebrating. &PrimeRevenue. PrimeRevenue Hong Kong. 2012 PrimeRevenue, Inc.

WELCOME! Introduction. Celebrating. &PrimeRevenue. PrimeRevenue Hong Kong. 2012 PrimeRevenue, Inc. WELCOME! Introduction Celebrating Ethe Factor Network establishment of &PrimeRevenue PrimeRevenue Hong Kong 2012 PrimeRevenue, Inc. Global Reach Today, we transact business in 50 countries Our platform

More information

Nigel Taylor Head of e-invoicing Solutions, EMEA

Nigel Taylor Head of e-invoicing Solutions, EMEA The Basics of Electronic Invoicing Nigel Taylor Head of e-invoicing Solutions, EMEA Agenda The basics of electronic invoicing for buyers and sellers Compliance today and tomorrow Community enablement How

More information

HOW TO SEND E-INVOICES TO

HOW TO SEND E-INVOICES TO einvoicing guide to suppliers HOW TO SEND E-INVOICES TO Basware Corporation Copyright Basware Corporation All rights reserved SUPPLIER KIT 2 (11) Contents A. Company profile... 4 B. General information...

More information

The role of banks to support the SME s business models in the international landscape

The role of banks to support the SME s business models in the international landscape The role of banks to support the SME s business models in the international landscape Liliana Fratini Passi ABI - Secretary General CBI Consortium Member - UN/CEFACT TBG5 Member of Expert Group on E-Invoicing

More information

NEW MODELS FOR SCF THOMAS FAKHOURI BASWARE FINANCING SERVICES

NEW MODELS FOR SCF THOMAS FAKHOURI BASWARE FINANCING SERVICES NEW MODELS FOR SCF THOMAS FAKHOURI BASWARE FINANCING SERVICES SUPPLY CHAIN FINANCE THE WORKING CAPITAL OPPORTUNITY Today s supply chain finance solutions typically: Offer access to advantageous financing

More information

Innovation policy overview. Finland

Innovation policy overview. Finland Innovation policy overview Finland Petri Peltonen Innovation Department Ministry of Employment and the Economy innovation is the means, not the objective knowledge & know-how & creativity innovations productivity

More information

SWIFT e-invoicing consultation

SWIFT e-invoicing consultation SWIFT e-invoicing consultation October 2008 Legal Notices Copyright SWIFT 2008. All rights reserved. You may copy this publication within your organisation. Any such copy must include these legal notices.

More information

Mondelez International Moves to Electronic Invoicing

Mondelez International Moves to Electronic Invoicing Mondelez International Moves to Electronic Invoicing Dear Sir / Madam As part of Mondelez International ongoing efforts to improve our service, we are phasing out paper processes by moving to electronic

More information

Supply Chain Finance for Corporates

Supply Chain Finance for Corporates Supply Chain Finance for Corporates Managing risk, finance and processing efficiency in a multi-bank environment Webinar, 30 June 2011 Our SWIFT speakers today André Casterman Head of Cash, Trade and Supply

More information

The Business Value of e-invoicing

The Business Value of e-invoicing STERLING COMMERCE WHITE PAPER The Business Value of e-invoicing A new look at the challenges, trends and opportunities in the global marketplace Table of Contents 3 Executive summary 4 Situation overview

More information

Divestment of Anttila Oy to 4K INVEST. Media conference 16 Mar. 2015 President and CEO Mikko Helander

Divestment of Anttila Oy to 4K INVEST. Media conference 16 Mar. 2015 President and CEO Mikko Helander Divestment of Anttila Oy to 4K INVEST Media conference 16 Mar. 2015 President and CEO Mikko Helander Anttila Oy s share capital has been sold to 4K INVEST The transaction includes: 23 Anttila department

More information

Electronic Invoicing Initiatives in Finland and in the European Union

Electronic Invoicing Initiatives in Finland and in the European Union Edited by Esko Penttinen Electronic Invoicing Initiatives in Finland and in the European Union Taking the Steps towards the Real-Time Economy B-95 Esko Penttinen Electronic Invoicing Initiatives in Finland

More information

Real-Time Bank Transfers The merchants perspective

Real-Time Bank Transfers The merchants perspective Delphine Bos Marketing Manager GlobalCollect Real-Time Bank Transfers The merchants perspective Online Banking as a European Internet Payment System March 23, 2006, Karlsruhe Agenda About GlobalCollect

More information

E-Invoicing / E-Billing. International Market Overview & Forecast. Bruno Koch February 2014

E-Invoicing / E-Billing. International Market Overview & Forecast. Bruno Koch February 2014 E-Invoicing / E-Billing International Market Overview & Forecast Bruno Koch February 2014 Global overview page 2 International E-Invoicing Market Leaders Average Developing Laggards 10/03/2014 Bruno Koch,

More information

Global Education in Manufacturing Strategy A European Perspective

Global Education in Manufacturing Strategy A European Perspective Global Education in Manufacturing Strategy A European Perspective An idea for discussion: global project based teaching Riitta Smeds, Professor, Helsinki University of Technology TKK Enterprise Simulation

More information

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

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

More information

Survey: Competitive edge and value by streamlining Purchase-to-Pay

Survey: Competitive edge and value by streamlining Purchase-to-Pay Survey: Competitive edge and value by streamlining Purchase-to-Pay Companies would gain significant benefits by improving their purchase-to-pay functions December 2013 Copyright @ OpusCapita Oy, Keilaranta

More information

Nearly all countries award

Nearly all countries award #1. Reverse Tax Burden-of-Proof E-Signatures Guaranteed certainty through legally recognized security technology Nearly all countries award exceptional evidence status to high-quality electronic signatures.

More information

A mixed e-invoice format (PDF + a set of few datas): the best compromise between suppliers and buyers for a fast adoption of e-invoicing

A mixed e-invoice format (PDF + a set of few datas): the best compromise between suppliers and buyers for a fast adoption of e-invoicing the best compromise between suppliers and buyers for a fast adoption of e-invoicing Build some intermediate floors and stairs in the e-invoicing House in order to create a path to the roof and enjoy the

More information

E-invoicing in Europe: Now and the future

E-invoicing in Europe: Now and the future Journal of Payments Strategy & Systems Volume 4 Number 4 E-invoicing in Europe: Now and the future Michael Salmony* and Bo Harald** Received (in revised form): 21st September 2010 *Equens SE, Mainzer Landstrasse

More information

Ownership transfer Critical Tax Issues. Johan Fall, Anders Ydstedt March, 2010

Ownership transfer Critical Tax Issues. Johan Fall, Anders Ydstedt March, 2010 Ownership transfer Critical Tax Issues Johan Fall, Anders Ydstedt March, 2010 Ownership transfer Critical Tax Issues 1 Ownership transfer Critical Tax Issues INTRODUCTION In tough economic times family

More information

Regional case: East Finland

Regional case: East Finland ERRIN ICT WG Photonics Meeting, 11 th June 2014, Brussels Regional case: East Finland Photonics innovation platform in Finland Juha Purmonen Photonics Finland Finland East Finland - Joensuu Finland East-Finland

More information

Interoperability of Electronic Invoicing with Accounting and Resource Planning Systems. Ahmet ALP Cybersoft Turkey

Interoperability of Electronic Invoicing with Accounting and Resource Planning Systems. Ahmet ALP Cybersoft Turkey Interoperability of Electronic Invoicing with Accounting and Resource Planning Systems Ahmet ALP Cybersoft Turkey Motivation, problem area ERP systems generally communicate with external systems manually

More information

How to get your invoice paid on time?

How to get your invoice paid on time? How to get your invoice paid on time? Truth is we want the same thing you do to process your invoices smoothly and pay on time. Moving to OB10 e-invoicing platform enhances our capabilities to reach this

More information

International Compliance

International Compliance YOUR FREE COPY - NEW - Additional countries outside European Union LEGAL WHITE PAPER International Compliance Legal requirements international einvoicing European Union & Selected Countries Worldwide International

More information

Get the benefits of Norgren s unique range of Online services

Get the benefits of Norgren s unique range of Online services Get the benefits of Norgren s unique range of Online services Make your job easier and save time - everything you need to select, design and purchase Norgren pneumatics is in one convenient location, available

More information

TRADING PLATFORM CLEARING AND SETTLEMENT MEMBERSHIP

TRADING PLATFORM CLEARING AND SETTLEMENT MEMBERSHIP TRADING PLATFORM CLEARING AND SETTLEMENT MEMBERSHIP TRADING PLATFORM Wilhelm Söderström, Nord Pool Spot Ante Mikulić, CROPEX European day ahead market A fair and transparent calculation of dayahead power

More information

Bank Payment Obligation

Bank Payment Obligation Payment Obligation IIBLP - 2012 Singapore Annual LC Survey Conference David Dobbing SWIFT Standards Agenda Introduction How it works Uniform Rules for Payment Obligation Adoption and Case Studies 2 Introduction

More information

Trade Finance & Liquidity Management. - 5 May 2010 -

Trade Finance & Liquidity Management. - 5 May 2010 - Trade Finance & Liquidity Management - 5 May 2010 - Agenda Trade Finance Concepts & Trends SWIFT Trade Finance Offering BIS Solutions in the Trade Space Managing Liquidity BIS Solutions on Liquidity Mgt.

More information

Tungsten Corporation plc Results for the six months ending 31 October 2014

Tungsten Corporation plc Results for the six months ending 31 October 2014 Tungsten Corporation plc Results for the six months ending 31 October 2014 January 2015 Important information This document contains forward-looking statements that may or may not prove accurate. For example,

More information

Engineering Edition. Helsingin yliopisto

Engineering Edition. Helsingin yliopisto Engineering Edition Helsingin yliopisto Partner Report Introduction The European Student Barometer 2009 Partner Report Welcome to the European Student Barometer Partner Report 2009. First of all we would

More information

Mondelēz International entity which issued the PO matches Mondelēz International entity to which you issue your invoice

Mondelēz International entity which issued the PO matches Mondelēz International entity to which you issue your invoice How to get your invoice paid on time? Truth is we want the same thing you do to process your invoices smoothly and pay on time. Reaching this goal requires contribution from all parties involved in ordering

More information

EUF STATISTICS. 31 December 2013

EUF STATISTICS. 31 December 2013 . ESTIMATES OF EU TURNOVER VOLUMES. Turnover volumes by product, allocation and notification (Estimates of EU s, Millions of ) Estimate of the EU % on Turnover Significance of the sample on total turnover

More information

ASF Commission Affacturage 02/08/2011 BUSINESS JUSTIFICATION

ASF Commission Affacturage 02/08/2011 BUSINESS JUSTIFICATION BUSINESS JUSTIFICATION FOR THE DEVELOPMENT OF NEW ISO 20022 FINANCIAL REPOSITORY ITEMS A. Name of the request: Messages set for factoring services B. Submitting organisation: Association française des

More information

The role of Finnvera in financing exports and internationalisation of Finnish companies. IFCO Brazilian Workshop Pori 26.8.2011

The role of Finnvera in financing exports and internationalisation of Finnish companies. IFCO Brazilian Workshop Pori 26.8.2011 1 The role of Finnvera in financing exports and internationalisation of Finnish companies IFCO Brazilian Workshop Pori 26.8.2011 Erno Ihto, Senior Adviser Financing for Growth and Internationalisation

More information

Basware R&D: Tutustu ja vaikuta Laskuautomaatio

Basware R&D: Tutustu ja vaikuta Laskuautomaatio Basware R&D: Tutustu ja vaikuta Laskuautomaatio Minna Snirvi, VP Product Management Basware Experience User Forum Collaborate. Innovate. Succeed. Australia Denmark Finland France Germany Netherlands Norway

More information

REGULATION FEES AND PENALTIES

REGULATION FEES AND PENALTIES REGULATION pursuant to articles 2.2.1, 2.2.3, 3.13.3 and 3.14.1 of the Clearing Rule Book FEES AND PENALTIES Capitalised terms used in this Regulation, and not otherwise defined, shall have the meaning

More information

E-INVOICING MARKET GUIDE 2012

E-INVOICING MARKET GUIDE 2012 THE E-INVOICING MARKET GUIDE 2012 Insights in the worldwide E-invoicing Market E-INVOICING MARKET GUIDE 2012 Insights in the worldwide E-invoicing Market Authors Ionela Barbuta, Sabina Dobrean, Monica

More information

List of market pull activities for IEA Hi- Motors competition, status June 1997

List of market pull activities for IEA Hi- Motors competition, status June 1997 Appendix III: List of market pull activities for IEA Hi- Motors competition, status June 1997 FINLAND The Finnish buyer group is co-ordinated by MOTIVA, Information Center for Energy Efficiency. MOTIVA

More information

VAT CASH ACCOUNTING SCHEME IN ROMANIA

VAT CASH ACCOUNTING SCHEME IN ROMANIA VAT CASH ACCOUNTING SCHEME IN ROMANIA BUNEA-BONTAŞ CRISTINA AURORA CONSTANTIN BRÂNCOVEANU UNIVERSITY OF PITESTI, THE FACULTY OF MANAGEMENT MARKETING IN ECONOMIC AFFAIRS BRAILA bontasc@yahoo.com Abstract:

More information

The Working Capital Cycle in International Trade September 2013. Copyright The Institute of Export and International Trade 2013

The Working Capital Cycle in International Trade September 2013. Copyright The Institute of Export and International Trade 2013 The Working Capital Cycle in International Trade September 2013 Copyright The Institute of Export and International Trade 2013 1 Contents Finance During the Business Lifecycle The Working Capital Cycle

More information

Value Added Tax Basics. US VAT, Inc. Vertex, Inc.

Value Added Tax Basics. US VAT, Inc. Vertex, Inc. Value Added Tax Basics Mark Houtzager Chris Walsh US VAT, Inc. Vertex, Inc. mark@us-vat.com Chris.Walsh@vertexinc.com Today s discussion 1. The basics of Value Added Tax 2. The importance of VAT for operations

More information

AP Automation Solution Roadmap

AP Automation Solution Roadmap AP Automation Solution Roadmap Jyrki Rajala, Product Management Basware Experience User Forum Collaborate. Innovate. Succeed. Australia Denmark Finland France Germany Netherlands Norway Sweden United Kingdom

More information

Marcus Evans 6th Annual Liquidity Management Conference 2007 The Impact of SEPA on Cash Management Products and Services

Marcus Evans 6th Annual Liquidity Management Conference 2007 The Impact of SEPA on Cash Management Products and Services Marcus Evans 6th Annual Liquidity Management Conference 2007 The Impact of SEPA on Cash Management Products and Services The views expressed in this presentation are those of the author and do not necessarily

More information

MyBank Facilitating e-payments and e-mandates Europe-wide

MyBank Facilitating e-payments and e-mandates Europe-wide MyBank Facilitating e-payments and e-mandates Europe-wide A solution description for e-merchants, public institutions and other billers Content What is MyBank? MyBank is a Europe-wide e-authorisation solution

More information

Proposal for a DIRECTIVE OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL. on electronic invoicing in public procurement. (Text with EEA relevance)

Proposal for a DIRECTIVE OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL. on electronic invoicing in public procurement. (Text with EEA relevance) EUROPEAN COMMISSION Brussels, 26.6.2013 COM(2013) 449 final 2013/0213 (COD) Proposal for a DIRECTIVE OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL on electronic invoicing in public procurement (Text with

More information

Business Angel Activity in Finland

Business Angel Activity in Finland Business Angel Activity in Finland Tom Lahti Associate Professor Hanken School of Economics, Finland Structure of the presentation» 1. Business Angel activity» 2. Challenges in 2016» 3. Research opportunities

More information

UNLOCKING VALUE IN THE WORLD OF CONNECTED COMMERCE MORGAN STANLEY EUROPEAN TECHNOLOGY, MEDIA & TELECOM CONFERENCE 2015 NOVEMBER 11, 2015

UNLOCKING VALUE IN THE WORLD OF CONNECTED COMMERCE MORGAN STANLEY EUROPEAN TECHNOLOGY, MEDIA & TELECOM CONFERENCE 2015 NOVEMBER 11, 2015 UNLOCKING VALUE IN THE WORLD OF CONNECTED COMMERCE MORGAN STANLEY EUROPEAN TECHNOLOGY, MEDIA & TELECOM CONFERENCE 2015 NOVEMBER 11, 2015 IMPORTANT NOTICE The following information contains, or may be deemed

More information

Explanatory notes VAT invoicing rules

Explanatory notes VAT invoicing rules Explanatory notes VAT invoicing rules (Council Directive 2010/45/EU) Why explanatory notes? Explanatory notes aim at providing a better understanding of legislation adopted at EU level and in this case

More information

Factoring, reverse factoring and other tools for access to finance. Ivor Istuk. Friday, 22 November 2013

Factoring, reverse factoring and other tools for access to finance. Ivor Istuk. Friday, 22 November 2013 Factoring, reverse factoring and other tools for access to finance Ivor Istuk Friday, 22 November 2013 OUTLINE Outline of presentation 1. Problem of late payments 2. Factoring good mitigation tool Defining

More information

Profitability improves despite a slow-growth IT services market

Profitability improves despite a slow-growth IT services market Tieto Q2/213 Profitability improves despite a slow-growth IT services market Kimmo Alkio President and CEO Lasse Heinonen CFO Pellervo Hämäläinen VP, Communications & IR 19 July 213 Q2 213 in brief Profitability

More information

Shift from Letters of Credit to Open Account using Electronic Supply Chain Management Tools

Shift from Letters of Credit to Open Account using Electronic Supply Chain Management Tools Shift from Letters of Credit to Open Account using Electronic Supply Chain Management Tools Christopher A. Conn Senior Business Manager Trade & Supply Chain Management Americas Banking Initiatives SWIFT

More information

Code of Practice on Electronic Invoicing in the EU

Code of Practice on Electronic Invoicing in the EU CEN/WS einvoicing Phase 3 Date: 2011-11 CEN Workshop AgreementTC WI Secretariat: NEN Code of Practice on Electronic Invoicing in the EU Status: for public review (23 November 2011-23 January 2012) ICS:

More information

LOST? Follow these signs on the road to e-invoicing.

LOST? Follow these signs on the road to e-invoicing. LOST? Follow these signs on the road to e-invoicing. 3. Global Trading Partner Traffic Circle 1. Two-Way Document Traffic 5. Will Your Data Pass Inspection? START Time-intensive, error-prone, manual accounting

More information

Tieto Purchase Invoice Content and Delivery Documentation Requirements

Tieto Purchase Invoice Content and Delivery Documentation Requirements Tieto Purchase Invoice Content and Delivery Documentation Requirements page 1/7 Table of Contents 1 Background... 3 2 Scope and Subcontracting supplier amendment... 3 2.1 Scope... 3 2.2 Subcontracting

More information

COMMISSION STAFF WORKING DOCUMENT. on the implementation of the definitive VAT regime for intra-eu trade

COMMISSION STAFF WORKING DOCUMENT. on the implementation of the definitive VAT regime for intra-eu trade EUROPEAN COMMISSION Brussels, 29.10.2014 SWD(2014) 338 final COMMISSION STAFF WORKING DOCUMENT on the implementation of the definitive VAT regime for intra-eu trade EN EN 1. INTRODUCTION In international

More information

SEPA. Frequently Asked Questions

SEPA. Frequently Asked Questions SEPA Frequently Asked Questions Page 1 of 13 Contents General SEPA Questions... 4 What is SEPA?... 4 What is the aim of SEPA?... 4 What are the benefits of SEPA?... 4 What countries are included in SEPA?...

More information

BANK PAYMENT OBLIGATION: FINANCIAL INSTRUMENTS TO MANAGE RISK IN THE OPEN ACCOUNT TRADE

BANK PAYMENT OBLIGATION: FINANCIAL INSTRUMENTS TO MANAGE RISK IN THE OPEN ACCOUNT TRADE BANK PAYMENT OBLIGATION: FINANCIAL INSTRUMENTS TO MANAGE RISK IN THE OPEN ACCOUNT TRADE J.P. Morgan Michael Quinn, Managing Director, Global Trade Product Management Executive Qatar National Bank Imre

More information

NORVES TIA INTERIM REPORT 1.1. 30.9.2006

NORVES TIA INTERIM REPORT 1.1. 30.9.2006 NORVES TIA INTERIM REPORT 1.1. 30.9.2006 The dividend-adjusted net asset value grew EUR 14.7 million during the period, which corresponds to 9.8 %. During the same period last year the net asset value

More information

Orientation to Finnish Innovation System. Best Practices

Orientation to Finnish Innovation System. Best Practices Orientation to Finnish Innovation System Best Practices Creative thinking => Idea Concrete idea => Invention In society widely utilized invention IS an INNOVATION Source TEKEL Commercially In society In

More information

E-Invoicing / E-Billing. International Market Overview & Forecast. Bruno Koch February 2011

E-Invoicing / E-Billing. International Market Overview & Forecast. Bruno Koch February 2011 E-Invoicing / E-Billing International Market Overview & Forecast Bruno Koch February 2011 Global overview page 2 International E-Invoicing Market 2011 B2B, B2G, G2B and B2C Leaders Average Developing Laggards

More information

EU adopts simplified rules for VAT invoicing

EU adopts simplified rules for VAT invoicing 1 EU adopts simplified rules for VAT invoicing Current state of e-invoicing in EU: 1.2 billion B2B invoices annually? Maybe 5% of enterprises use structured invoices in business to business transactions?

More information

Support for the VAT 2010 Package in the European Union

Support for the VAT 2010 Package in the European Union Microsoft Dynamics NAV Support for the VAT 2010 Package in the European Union White Paper Date: October, 2009 Contents INTRODUCTION... 3 THE VAT 2010 PACKAGE... 3 VAT 2010 AND THE MICROSOFT DYNAMCIS NAV

More information

Supply Chain Finance

Supply Chain Finance Supply Chain Finance Leveraging Modern Technology To Transform Innovative Vietnam Banking Services Gerald Huang Banking Vietnam 2015 Hanoi May 19, 2015 LOCAL BUSINESS ENVIRONMENT Retail Sales grew Services

More information

VAT: Changes to VAT invoice rules. Summary of Responses 17 December 2012

VAT: Changes to VAT invoice rules. Summary of Responses 17 December 2012 VAT: Changes to VAT invoice rules Summary of Responses 17 December 2012 Contents 1 Introduction 3 2 2.1 2.2 2.3 2.4 2.5 2.6 Responses to the technical note on changes to the VAT invoicing rules Simplifying

More information

E-Invoice just a common message?

E-Invoice just a common message? Interoperable Networks and Electronic Invoicing Successful Network Models ONCE 2007 Global Summit Bruno Koch E-Invoice just a common message? page 2 1 Market status E-Invoicing Billentis, Bruno Koch -

More information

Challenges in E Procurement Adoption in Europe

Challenges in E Procurement Adoption in Europe WHITEPAPER MONTH 2014 www.beroe-inc.com Challenges in E Procurement Adoption in Europe Abstract Introduction: Although Europe is considered among the developed economies but still E Procurement adoption

More information

Working Capital Improvement through Supplier Finance

Working Capital Improvement through Supplier Finance Working Capital Improvement through Supplier Finance It s Not Just for Large Corporates Sean Corrigan Senior Vice President Head of Strategic Trade Solutions Wells Fargo International Trade Services 2015

More information

Electronic Reverse Lockbox for Banks and Billers. Direct Insite Corp. (OTC QB:DIRI) Investor Presentation

Electronic Reverse Lockbox for Banks and Billers. Direct Insite Corp. (OTC QB:DIRI) Investor Presentation Electronic Reverse Lockbox for Banks and Billers Direct Insite Corp. (OTC QB:DIRI) Investor Presentation Safe Harbor Statement Some of the statements made in these materials may be forward-looking in nature.

More information

OpenPEPPOL: e-procurement in Europe

OpenPEPPOL: e-procurement in Europe www.peppol.eu OpenPEPPOL: e-procurement in Europe Carmen Ciciriello Executive Communications Officer OpenPEPPOL AISBL, Belgium PEPPOL & the EU Digital Agenda PEPPOL: the Future of Public Procurement Among

More information

Opportunities for industry - perspective of CLEEN Ltd

Opportunities for industry - perspective of CLEEN Ltd Opportunities for industry - perspective of CLEEN Ltd Photonics Finland - teollisuuspäivä 14 th of June, 2013 Teija Laitinen CLEEN Ltd SHOKs Strategic Centres for Science, Technology and Innovation Energy

More information

SEPA. Changes in the Payment System Implementation of the European SEPA Regulations for Kuna and Euro Payments

SEPA. Changes in the Payment System Implementation of the European SEPA Regulations for Kuna and Euro Payments SEPA Changes in the Payment System Implementation of the European SEPA Regulations for Kuna and Euro Payments SEPA The Single Euro Payments Area (SEPA) stands for a European Union (EU) payments integration

More information

Factoring is emerging as a short-term financial solution for business The role of FCI

Factoring is emerging as a short-term financial solution for business The role of FCI Factoring is emerging as a short-term financial solution for business The role of FCI Daniela Bonzanini Chairman of Factor Chain International Torino, 10 June 2015 1 Factoring Spreading its Wings! GLOBAL

More information

An Introduction to the Financial Supply Chain. Mapping the processes and finding the opportunities

An Introduction to the Financial Supply Chain. Mapping the processes and finding the opportunities An Introduction to the Financial Supply Chain Mapping the processes and finding the opportunities Table of Contents Project definition Objectives Scope and approach Key concepts Supply chain definitions

More information

Financing from Finnvera for enterprises in situations of change

Financing from Finnvera for enterprises in situations of change Financing from Finnvera for enterprises in situations of change Financing from Finnvera for enterprises in situations of change Finnvera provides financial solutions for the start-up, growth and internationalisation

More information

Automated Invoice Matching

Automated Invoice Matching White Paper Automated Invoice Matching Reduce Matching Cycle Times. Increase ROI Version 1.0 Last Updated: 11-06-2010 www.sutisoft.com 1 2 3 4 5 6 7 8 Abstract Introduction Need for Automating Finding

More information

The Nordics - a dynamic region ready to embrace Cloud

The Nordics - a dynamic region ready to embrace Cloud Doug Clark, UKI Cloud Leader @cloudstuff doug.clark@uk.ibm.com 07720805612 Vibeke Larsen, Senior Advisor MD&I larsenv@uk.ibm.com 07801787472 The Nordics - a dynamic region ready to embrace Cloud The Nordic

More information

Code of Practice on Electronic Invoicing in Europe

Code of Practice on Electronic Invoicing in Europe Code of Practice on Electronic Invoicing in Europe 24 th March 2009 Version 0.17 Approved by Expert Group Plenary on 24 th March 2009 This Code of Practice on Electronic Invoicing in Europe is recommended

More information

BUSINESS JUSTIFICATION

BUSINESS JUSTIFICATION BUSINESS JUSTIFICATION FOR THE UPDATE OF THE UNIFI (ISO 20022) FINANCIAL REPOSITORY Name of the request: Invoice Financing request Submitting organization: Associazione per il Corporate Banking Interbancario

More information

Code of Practice on Electronic Invoicing in Europe

Code of Practice on Electronic Invoicing in Europe Code of Practice on Electronic Invoicing in Europe 24 th March 2009 Version 0.17 Approved by Expert Group Plenary on 24 th March 2009 This Code of Practice on Electronic Invoicing in Europe is recommended

More information

Towards Better Finnish Living

Towards Better Finnish Living Towards Better Finnish Living The Finnish Housing Fair Co-operative Organisation Founded in 1966 Members: The Finnish Housing Reform Association Federation of Finnish Financial Services OP-Pohjola Group

More information

Global Funding Marketplace for Invoice Discounters

Global Funding Marketplace for Invoice Discounters Global Funding Marketplace for Invoice Discounters Simple Online Global Highly Liquid Open-Access Marketplace for Invoice Portfolio Divestments partner.aztecexchange.com Welcome to the world of Aztec With

More information

BRASILIAN DELEGATION JUNE 2011

BRASILIAN DELEGATION JUNE 2011 BRASILIAN DELEGATION JUNE 2011 FINNISH INNOVATION SYSTEM AND CENTER OF EXPERTISE PROGRAMME N Tapani Saarinen VP; Business Development FINLAND Population: 5.3 Million Area: 391 000 km 2 GDP pc(2010): 34,401

More information

Nigel Taylor Marketing Director, Head of e-invoicing Solutions

Nigel Taylor Marketing Director, Head of e-invoicing Solutions Global Electronic Invoicing Nigel Taylor Marketing Director, Head of e-invoicing Solutions Electronic Invoicing Global e-invoicing & Challenges Global Tax Compliance Community Collaboration e-invoicing

More information

A GLOBAL LEADER IN VIRTUAL CARD TECHNOLOGY

A GLOBAL LEADER IN VIRTUAL CARD TECHNOLOGY TM TM TRAVEL A GLOBAL LEADER IN VIRTUAL CARD TECHNOLOGY TRAVEL For more information about how WEX Virtual can work for you, visit: wexinc.com/virtual-payments CONTENTS 1 What is a Virtual Credit Card?

More information

Supply chain finance provides Dutch buyers with 22 billion additional free cash flow

Supply chain finance provides Dutch buyers with 22 billion additional free cash flow Supply Chain Finance ING Economics Department Supply chain finance provides Dutch buyers with 22 billion additional free cash flow This article determines the value to be gained by Dutch buyers and their

More information

Public Sector e-invoicing

Public Sector e-invoicing Public Sector e-invoicing Cutting Costs & Improving Service V8 20141201 Simple Business Case for e-invoicing To process an e-invoice takes a best-in-class organisation² 4 It costs just 4.77* to process

More information

The CFO s motivation...

The CFO s motivation... The CFO s motivation... What do you consider to be the key financial priorities for your organization for the year ahead? Strategic Priorities 35% 48% 45% 43% 72% Improving operational efficiency Optimising

More information

NASDAQ OMX Nordic Cash Market fee list

NASDAQ OMX Nordic Cash Market fee list NASDAQ OMX Nordic is not charging any fee for granting new cash market memberships. NASDAQ OMX Nordic minimum monthly fee is payable to only one of the NASDAQ OMX exchanges (NASDAQ OMX Copenhagen, NASDAQ

More information

Common platform for e- procurement. Jostein Frømyr, project coordinator Martin Forsberg, Single Face To Industry, Sweden

Common platform for e- procurement. Jostein Frømyr, project coordinator Martin Forsberg, Single Face To Industry, Sweden Common platform for e- procurement Jostein Frømyr, project coordinator Martin Forsberg, Single Face To Industry, Sweden Presentation at the UBL symposium November 16, 2006 1 Agenda Who and what is? Our

More information