E-INVOICING MARKET GUIDE 2012

Transcription

1 THE E-INVICING MARKET GUIDE 2012 Insights in the worldwide E-invoicing Market E-INVICING MARKET GUIDE 2012 Insights in the worldwide E-invoicing Market Authors Ionela Barbuta, Sabina Dobrean, Monica Gaza, Mihaela Mihaila, Adriana Screpnic With the release of the E-invoicing Market Guide 2012, The aypers produced an extensive overview that helps the reader to understand the fragmented and dynamic market of e-invoicing and related service providers. The overview of providers is without doubt the most complete overview in the market, and the guide also provides valuable market insights from industry experts. A must read for professionals in e-invoicing and related topics. Release Version 1.0 July 2012 Copyright The aypers BV All rights reserved Jaap Jan Nienhuis, Financial Services Consultant 2 E-INVICING MARKET GUIDE 2012

2 INTRDUCTIN You are reading the second edition of the E-invoicing Market Guide developed by The aypers ( the industry-leading provider of news and analyses for the global payments community. Building on the success of the previous year s edition, the E- Market Guide 2012 aims to develop and enhance the focus of this initiative that of putting together the most complete and up-to-date overview of the global e-invoicing ecosystem, mapping out ongoing initiatives, critical success factors and key insight from top experts and industry players. The 2012 edition of the E- Market Guide expands the scope of the previous year s document, taking it from a comprehensive reference material towards becoming a more complex, state of affairs collection of in-depth analyses, a reference source for the hottest topics currently being debated throughout the global e-invoicing industry and the de facto market leader in terms of the scope and depth of the featured contributions. The 2012 Guide includes insight from leading industry stakeholders, expert opinions from top industry analysts, examples of successful business implementations as well as an overview of existing challenges and the best strategies to address them. It aims to serve as the ultimate source of information for industry professionals looking to take stock of the current state of the global e-invoicing and e-billing industry. In putting together this Guide, we wanted to highlight the fact that while advances are being made, the e-invoicing playing field still faces a great many challenges, old and new. n the plus side, there is a growing recognition from market players primarily in Western Europe and the that e-invoicing helps expedite collections processes and allows companies to take advantage of discounts for early payment. A recent report issued by UK-based global B2B e-invoicing network operator B10 in collaboration with The Institute of Financial perations has shown that regardless of the invoicing submission method used, 85 percent of respondents believe electronic invoicing expedites the collections process. Moreover, 2012 has also emerged as the first year that survey respondents have reported a use of e-invoicing that has surpassed the use of EDI. n the downside, e-invoicing continues to struggle with drawbacks such as market fragmentation and companies lack of budget and resources to fully automate invoice exchanges. Despite (still) cautiously optimistic predictions, a significant amount of companies are being held back by a continued reliance on paper-based financial processes and even worse, by a failure to recognize the simple truth that not automating invoicing and payment processes causes unnecessary costs and allows inefficiencies to go unnoticed. Additionally, e-invoicing finds itself faced with threats that are not necessarily new but which have acquired renewed significance in the current economic context. Among them is the danger of being lulled into a false sense of security as far as the momentum of e-invoicing adoption is concerned. Indeed, awareness of the many benefits and cost-saving potential of e-invoicing is quite high in both Europe and the. However, it would be dangerous to believe that high awareness equals sustainable growth of e-invoicing adoption it most certainly does not. added benefit, one which allows SMEs to tap into one by use of the other. The more the use of electronic invoices can be attached to financing, the more obviously beneficial it becomes for SMEs. Having a large buyer finance (some of) its working capital also boosts a small company s credibility, making it more credit-worthy and mitigating crediting risks in the eyes of a bank. Traditionally, access to working capital management tools was reserved for very large companies. However, the need to massively on-board SMEs in order to achieve success in e-invoicing is definitely a game-changer, as well as one of the top developments emerging from expert opinions and analyses featured in the E-invoicing Market Guide ne of the biggest sources of fragmentation within the global e-invoicing ecosystem is the divide between large and small companies a crucial issue which must be solved if e-invoicing is ever to truly achieve mass-market adoption. To do this, e-invoicing market players must strive to collaborate on a much deeper scale than they currently do and achieve a level of collaboration that goes beyond bilateral cooperation (which lacks scalability) and moves across the entire spectre of services providers and solutions. Within this context, in addition focusing on improving the efficiency and effectiveness of their accounts payable (A) automation, large companies should also focus more on setting up partnerships with SME focused e-financing platforms. Banks also have a crucial role to play in this space, particularly in the area of developing collaborative supply chain finance and SME-friendly e-invoicing propositions. In the context of the growing dematerialization of B2B processes, banks are also faced with the growing opportunity to extend today s paper-based trade finance services to new services based on electronic transaction data. The cooperation between the ICC and SWIFT (detailed further in art 2 of this Guide) is a suitable example of this emerging trend to establishing paperless inter-bank practices and thus positively impact the development of global trade finance practices. The E-invoicing Market Guide 2012 is a great means to stay informed and keep up to date with the latest industry perspectives, trends and developments, a highly useful document that should be kept at hand at all times. Finally, this document has been put together with the utmost care. If you discover that, despite our efforts, it features information that is unclear or erroneous, we very much appreciate your feedback. Monica Gaza Senior News Editor The aypers ne major element that contributes to this state of affairs is the fact that traditionally, e-invoicing has largely been the prerogative of large enterprises which receive and issue large volumes of invoices and for which the use of e-invoicing boosts operational efficiencies in an immediate and visible manner. The traditional e-invoicing ecosystem is essentially buyer-driven, and that is a fact. However, new models are beginning to emerge, putting pressure on what could be referred to as the traditional corporate invoicing paradigm. And at the core of this shift is one particular category of companies: the SMEs. As e-invoicing adoption is concerned, the rules of the game are quite different for small enterprises. For a company which manages only small amounts of invoices, achieving higher operational efficiency via e-invoicing means little unless it comes together with other benefits attached. Combining electronic invoicing with working capital management services is such an E-INVICING MARKET GUIDE E-INVICING MARKET GUIDE 2012

3 Contents Voice f The Industry EESA - Working to achieve compliance and interoperability in e-invoicing EU-wide.... by Charles Bryant, Vice Chair, EESA ebills for everyone... by Robert Unger - Senior Director, NACHA E-invoicing in Germany before growth spurt... by Markus Laube, Co-Chair, E-Invoice Alliance Germany Exploring the reality of Supply Chain Finance... by Michael Steelman, Senior Researcher, Nyenrode Business Universiteit Industry Thought Leadership E-invoicing is good. Smart is better... by James Tucker, Director of Marketing, Financial Solutions, Ariba Inc The story behind DHL Express Europe s successful pan-european e-billing project.... by Richard Cogswell, Sales & Marketing Director, Fundtech FSC A closer look at the challenges & opportunities of boosting e-invoicing adoption... Exclusive interview with Enrico Camerinelli, Sr. Analyst Europe, Aite Group The next two e-invoicing s-curves: collaboration and more value... by Jaap Jan Nienhuis, Financial Services Consultant, Innopay What to ask when buying e-invoicing.... by Susie West, Founder and CE, sharedserviceslink.com E- and Supply Chain Finance, a greater sum in combination... by liver Belin, Business Development Executive, rimerevenue Flinqer optimizes the use of cash by smarter timing of payments.... by Reinier Weerman, Co-founder and CE, Flinqer Accelerating global trade finance... by André Casterman, Head of Banking and Trade, SWIFT The benefits of the financial value chain integration... By Liliana Fratini assi CE Consorzio CBI EU e-invoicing 2013: a compelling event?... by Christiaan van der Valk, CE, TrustWeaver Value Added Services for e-invoice Service roviders... by Roel Crooijmans, Co-founder, RefDex INDTRY STAKEHLDERS DISCS E- as a public policy priority in Europe The financial supply chain Bringing standardization, interoperability and universal access for EB in the rofiles E-INVICING MARKET GUIDE

4 EESA - WRKING T ACHIEVE CMLIANCE AND INTERERABILITY IN e-invicing EU-WIDE by Charles Bryant, Vice Chair of EESA EESA is the European E- Service roviders Association and is an International Not-for-rofit Association (AISBL/IVZW) organized under Belgian law. Newly formed in 2011 EESA already has over 50 members (see Charles Bryant is Vice-Chair of EESA and an adviser to B10, the leading e-invoicing service provider, and to the Euro Banking Association. He represents the UK on the EU Multi-Stakeholder Forum on e- EESA acts as a trade association at European level for a large and vibrant community of E- Service roviders, drawn from organizations that provide network, business outsourcing, financial, technological and EDI services. It had been clear for some time that the supply-side of this burgeoning industry needed a forum in which practitioners could develop common positions and advocate e-invoicing adoption, operating in the non-competitive space. EESA is providing and developing a number of services for its membership: Representing the industry, engaging in the public policy debate and recommending best practice within appropriate European forums romoting interoperability and the creation of an interoperable eco-system Advocating and supporting the wide adoption of e-invoicing and its benefits Commission to participate in the EU Multi-Stakeholder Forum on E- and on 31 May 2012 EESA held a General Assembly meeting in Helsinki. The membership welcomed a draft Model Interoperability Agreement prepared by a working group. It is expected to complete the work in the coming months for final release in November Full Members of EESA are incorporated businesses providing services or support to third-party customers in the area of compliant e-invoicing and related services. Members provide such services within the European Union, the European Economic Area and Switzerland. Membership will be allocated to groups of companies connected by ownership and control on the basis of one membership per such group. Non-voting Associate Members are admitted to the Association on the basis of a decision of the Executive Committee. The Executive Committee administers the membership admission procedure based on open, transparent, and non-discriminatory criteria. Applications for membership are welcome. INSIGHTS IN THE WRLDWIDE E-INVICING ECSYSTEM At its first Annual General Meeting on 13 December 2011, Esa Tihilä of Basware Corporation was elected as Chair and Charles Bryant of B10 was elected as Vice-Chair. A further 9 EESA members representatives were elected as Members of the Executive Committee. The AGM also approved the creation of an Interoperability Working Group. In April 2012 EESA was invited by the European E- is a public policy priority of the European Commission and in a recent publication of December 2010 Reaping the benefits of electronic invoicing for Europe the Commission confirmed plans to pursue a number of policy initiatives including the establishment of a European Multi- Stakeholder Forum for E-. ne good reason to organize a trade association was to seek representation and participate in this and other Forums. E-INVICING MARKET GUIDE

5 ebills for Everyone Bringing Standardization, Interoperability, and Universal Access for Electronic Bill resentment and ayment Through EBIDS by Robert Unger - Senior Director, NACHA Currently, the only way billers can universally send a bill to any customer is through the U.S. ostal Service. To address this issue, NACHA and The Clearing House launched EBIDS, a program that enables billers to deliver ebills and receive payments through customers online banking accounts via the ACH Network. As Senior Director at NACHA, Robert Unger leads NACHA s Council for Electronic Billing and ayment (CEB) and also directs NACHA s Electronic Billing and Information Delivery Service (EBIDS). In addition, Mr. Unger is the B2B and bill payment product manager within NACHA. NACHA The Electronic ayments Association manages the development, administration, and governance of the U.S. ACH Network, the backbone for the electronic movement of money and data. The ACH Network provides a safe, secure, and reliable network for direct account-to-account consumer, business, and government payments. More at millions of billers. Basically, ebills can be provided to consumers through a biller direct model (i.e., consumer accesses biller.com website) and/ or a distribution channel, where the ebill is pushed to the consumer (e.g., ed, texted, or sent to an online banking/ aggregator service). Still, the only method where billers can universally send a bill to any customer is through the U.S. ostal Service (which is of course a paper bill). While billers often offer multiple options for a consumer to receive an ebill, there is no one model that has the same reach as a paper bill delivered by the S. Currently, billers must integrate with multiple ebill distributors to maximize their reach to customers, and each distributor will have unique processes, formats and service agreements. The fragmented distribution pipeline creates complexity and additional cost for the billers. All U.S. financial institutions, and by extension most any biller, have connections to the ACH, which is governed by the NACHA perating Rules. EBIDS uses ACH formats and special rules to enable financial institutions, billers and ebilling providers to standardize Electronic Bill resentment and ayment (EB) transactions. The goal is to provide smaller market players the same opportunities as the larger stakeholders, and to allow the private ebill networks to interoperate. How EBIDS Works EBIDS is basically a set of rules enforceable by NACHA for EB transactions in the ACH Network, which serves as the pipeline for exchanging transactions. There are four basic processes of the EBIDS model: biller enrollment into the EBIDS Biller Directory, consumer ebill enrollment with the biller, ebill presentment to the customer, and, bill payment to the biller. U.S. consumer electronic payments surpassed check volume in An estimated 70 percent of online households now pay bills via the Internet every month. most billers surveyed believe that the tipping point where more than 50% of customers are receiving ebills is three to five years away (see chart on page 11). Similarly, banks and others that present consumer bills do not have a receive any ebill option, and must integrate with multiple billers and biller service providers to maximize bill content acquisition to provide a service equal to a S mailbox. First, biller banks or biller service providers add billers into the Biller Directory to enable participation in EBIDS. After billers are enrolled, consumers must next sign up to receive ebills through their financial institutions. Fueled by an array of new Internet and mobile options, the amount of electronic payments will likely continue to grow at a galloping pace. Clearly, U.S. consumers are comfortable with electronic transactions except for electronic bills. According to a study conducted by the Council for Electronic Billing and ayment (CEB), a program of NACHA-The Electronic ayments Association, current consumer adoption of ebilling in the U.S. across all biller verticals averages only about 27 percent. Furthermore, ebilling and ayment Challenges For years, billers have operated ebill adoption campaigns, using tactics like sweep stakes, billing credits, and environmental messaging with only marginal results. While consumer payment behavior has changed, billers have yet to crack the code for motivating customers to accept electronic bills. In addition to consumer attitude, there are also a number of structural issues that hamper ebill growth, particularly in the U.S. market, which has thousands of financial institutions and The EBIDS Solution To address these issues and increase the availability of electronic bills for all consumers, in 2011, NACHA and The Clearing House launched the Electronic Billing Information Delivery Service (EBIDS). Combining aspects of the biller direct and distribution channel models, EBIDS enables billers to deliver ebills to customers online banking accounts and receive accurate bill payment information from any bank through the Automated Clearing House (ACH) Network. The billing company then sends a summary bill through the ACH Network to the consumer s online banking site. The consumer can log in to view the summary bill and view full bill details at the biller site by clicking a secure URL link included in each bill. To pay the bill, the consumer can specify the payment amount and date, and the financial institution will send the payment to the biller. E-INVICING MARKET GUIDE E-INVICING MARKET GUIDE 2012

6 e- in Germany before growth spurt Tax Simplification Act and Interoperability Standard form basis for the increase in electronic invoicing by Markus Laube, Co-Chair, E-Invoice Alliance Germany The Munich-based e-invoice Alliance (VeR) represents the interests of service providers and consulting firms concerned with electronic invoicing as well as those of businesses using e-invoicing. As such, the Alliance can be considered the mouthpiece of the whole e- economy. The VeR currently has over 45 members. You can find more information at Benefits of EBIDS The EBIDS model benefits all parties involved by leveraging standards in the ACH Network, which are enforceable by the NACHA Rules. For Financial Institutions, EBIDS provides transaction and service revenue as they earn a fee for every ebill presented to customers. EBIDS allows billers to extend their reach to potentially any customer at any financial institution and to manage the customer s online experience with links that direct customers to billers sites. ayments received through EBIDS will also improve biller straight-through-processing, eliminating a major cause of bill payment exceptions. Consumers too benefit from the ability to view and pay multiple bills at a single location, and retrieve full payment detail. Increasing Use of EBIDS In its first year, 2011, EBIDS facilitated over 19 million EB transactions. Future growth, however, hinges on the ability to achieve network effects with more biller and bank participation. EBIDS is an opt-in program, which means that the EBIDS rules only impact those billers and financial institutions that choose to participate. Like Facebook, the service becomes more valuable with more participants, which is why increasing the number of participating billers and financial institutions is important. Evidence shows more and more consumers are looking to view and pay bills online. According to a 2010 study conducted by Javelin Strategy & Research, nearly half of consumers would be motivated to switch to online billing if there was a single online site that consolidated statements. EBIDS provides a low-cost way for billers to deliver ebills to more customers and receive low-risk online bill payments from those customers. It is a win for financial institutions, billers, service providers and consumers alike. For more information about EBIDS, visit NACHA The Electronic ayments Association. All rights reserved. No part of this material may be used without the prior written permission of NACHA. Content from other sources is used with permission and requires the separate consent of those sources for use by others. This material is not intended to provide any warranties, legal advice, and is intended for educational purposes only. Electronic invoicing has been slower to establish in Germany than in other European countries, as has been reflected in a survey carried out for the invoice logistics company Itella. The study questioned 4,700 companies in 16 European countries, and the result is disappointing: 48% of the German companies interviewed believe they will still be issuing only paper invoices in 2 to 3 years time. Germany ranks about average in Europe in terms of the acceptance of e-. Although the electronic invoicing process has undeniable advantages most importantly cost savings only around 8% of German invoices are currently issued electronically. What stops companies from introducing e-? Alongside the fear of high investment costs and a lengthy technical implementation period, the concern that insufficient numbers of business partners will adopt the new system also plays a big role. If the network effect fails, there can be no worthwhile economic advantage. E- can only establish itself as a standard when legal and technological conditions are created that simplify electronic invoicing both nationally and within the EU. These prerequisites are now achieved in Germany with the Tax Simplification Act and VeR s (e-invoice Alliance) Interoperability Standard. VeR establishes Interoperability Standard between service providers The growth in e- brings with it an urgent need for a transfer standard that allows the various service providers to exchange invoice data simply, safely and quickly. Indeed, this situation provided the impetus for the founding of the VeR in 2009, which set itself the following goals: The VeR provides an information platform, in particular in response to changes brought about by the Tax Simplification Act of In this regard, the VeR will develop interpretative assistance for electronic invoicing which will provide support for all German companies in the practical implementation of the new legal position. The VeR develops new services and makes information available to companies that facilitate their planning and implementation of new e- projects. The VeR supports the further standardisation of electronic invoicing. The further promotion of electronic invoicing requires invoice taxonomy, especially in the context of the sending E-INVICING MARKET GUIDE E-INVICING MARKET GUIDE 2012

7 of structured data. The VeR will develop and represent the generate and verify the qualified electronic signature. They requirements for electronic invoicing apply. There are currently still varying opinions on how the internal relevant considerations in the scope of its political work and are also responsible for ensuring that the electronic invoice controlling processes should be developed in detail. It discussions with lobbies. contains all the legally required information. Further, they rovided that the authenticity of the origin, the integrity of is however apparent that the fiscal authorities consider The VeR is developing a recommendation for small and generate the structured accounting file for whose content they the content and the readability of the invoice remain ensured, businesses well-established invoice verification as an medium-sized enterprises to make use of electronic invoice are responsible in terms of correctness and completeness. The businesses may exchange invoices in the format of their important component of the controlling process. Since this exchanging. invoice recipient s service provider has the advantage that choice. This format is to be determined by the taxpayer. It verification process must also be carried out for paper-based The VeR supports invoice exchange between service they do not have to check the signatures and need not create goes without saying that qualified electronic signatures and invoices, there is no additional effort required for electronic providers. an inspection protocol. They simply need to extract the data other technical processes, such as for instance EDI, remain invoices. In order to advance electronic invoice exchange between held in the DF container file and prepare it as necessary for recognised, but they will no longer be strictly prescribed. service providers, the VeR has defined a uniform legal the recipient, without damaging the signature. Businesses may freely choose their internal controlling process With the Interoperability Standard established and the Tax framework (inter-operability agreement) which is available to that provides a reliable audit trail between the invoice and Simplification Act in force, the prerequisites are now in place to its members, together with a common data exchange format. A large proportion of the Alliance s members have already its associated performance, guaranteeing the authenticity of allow the electronic invoice to gain further ground in Germany, The VeR works in coordination with EESA (the European adopted the new standard. This results in many businesses the origin and the integrity of the content. Alternatively they and as planned by the EU to replace paper invoices as far e- Service roviders Association) on the issues of having the possibility of changing an even larger number of may choose to implement long-established methods such as as possible by inter-operability. business partners over to electronic invoicing even when qualified electronic signatures or EDI. those businesses use other service providers. The e-invoice Alliance worked intensively for a year on solutions for Interoperability and inter-operability, presenting as a result a Interoperability Standard in March Since then, complicated bespoke Interoperability agreements between individual service providers have been a thing of the past. The Interoperability practice is suitable for businesses of all sizes, and is compatible with all prevalent software solutions. The Standard, which is unique in Europe, consistently defines important aspects such as the addressability of the service provider, the transmission format, the structuring of contracts as well as quality criteria for service providers. With the Interoperability Standard we are able to provide our members with an attractive solution and the necessary support to implement it. The Tax Simplification Act of 2011 as growth motor for e- in Germany Based on a recommendation of its e- expert panel, the European Commission agreed on an amendment to the VAT system directive in July 2010 (directive 2010/45/EU which amended directive 2006/112/EC regarding the common VAT system in respect of invoicing regulations) which should simplify invoice exchange. As a result of the new regulations, which will come into force in 2013, the requirement for example for an electronic signature is dispensed with. In the future, companies may guarantee the validity of an invoice with any suitable control mechanism. Any procedure that creates a link, through audit trails, between the invoice and its During its development it was important for us that the Interoperability Standard would be easy to implement, make use of existing exchange standards, comply with current legislation and offer all parties involved legal certainty. To corresponding performance will be permissible. As a result, the electronic invoice is afforded the same legal standing as the paper invoice an important step in increasing the acceptance of e-. ensure a simple, error-reduced transmission between service providers, all data is transferred as a data packet. A so-called DF container file is used to facilitate the exchange of data between the invoicing party s and the invoice recipient s service providers. The usage data is found as an attachment in the DF container file. This is a DF invoice file, a signature With the retroactive adoption of the Tax Simplification Act as per 1 July 2011, Germany was one of the first countries in the European Union to implement the directive. By assuming this pioneering role, Germany may also serve as a blueprint for similar implementations in other countries. file, the test report and an accounting file. The invoicing party s service provider is responsible that the DF container file is correct and complete, structurally, technically and with regard to content. It is the DF invoice file and not the container file that is signed. The invoicing party s service provider must The 2011 Tax Simplification Act substantially reduces the requirements for electronic invoicing. This should result in the increased acceptance of electronic invoices and contribute to a reduction in bureaucracy. Now paper-based and electronic invoices stand on an equal footing, and no additional E-INVICING MARKET GUIDE E-INVICING MARKET GUIDE 2012

8 Exploring the reality of supply chain finance by Michiel Steeman, Senior Researcher at Nyenrode Business Universiteit Michiel Steeman is an experienced banking professional and has worked for Deutsche Bank, NIB Capital, and the past ten years at ING. In his last role he was responsible for product development and strategy for all leasing and factoring operations in 14 countries with almost 3000 employees. He is also Member of the worldwide Executive Board of Factors Chain International. He holds a Masters degree in Financial Economics from Erasmus University in Rotterdam. At the beginning of this year he joined Nyenrode Business University. His goal is to bridge the world of finance and operations. Two domains that need to learn how to speak each other s language. He is currently developing a serious simulation that brings finance, procurement and supply chain professionals together in a joint decision making environment. He is co-founder of the Supply Chain Finance Community ( Since 2010 he has been chairman of the Board of artnership Foundation. This foundation has introduced a ground breaking franchise formula to help street-children in India. This Rainbow Home model is a scalable solution based on the belief that each and every school can be transformed into a home for street-children. Nyenrode is the only private university in the Netherlands. In 1946, captains of industry from leading Dutch corporations as KLM, Shell, Unilever, hilips and Akzo, took the initiative to start an institute where an action-inclined, internationally focused generation of new business leaders would be educated. Nyenrode has recognized Supply Chain Finance as a new interdisciplinary field of research in between supply chain management and finance. For further information go to or We hear it everywhere - Supply Chain Finance - but what n top of that most of you will recognize the internal does it actually mean? Ask a colleague or a fellow banker discussion within banks about Supply Chain Finance. Who and you get a wide range of answers. Some say it is just does it belong to within the organization. Should it be in Trade, another form of trade financing or pre-shipment financing. Cash Management, Commercial finance, or should it be in thers say it is a fancy word for reversed factoring or Lending. And to claim the product, these departments within supplier financing, confirming as they call it in Spain. r banks become even more creative with naming the product. should we follow McKinsey who talks about the migration As with any product ormally the bigger the revenue promise to a more holistic approach- a new model of trade and the bigger the internal fight. cash management services. Their view as outlined in their 2010 article with the title: From myth to reality. To frame Supply Chain Finance I like the approach taken in a literature research done by Cranfield where three schools of thought are identified. The widest definition is what is named Financial Supply Chain Management. It includes all processes and financing techniques used to optimize the supply chain. A somewhat narrower definition is what they call Supply Chain Financing. This focuses only on the financing techniques used in the supply chain. But unfortunately in many banks Supply Chain Finance has become synonymous to supplier financing or reversed factoring. The narrowest definition. Figure 1: Supply Chain Finance School of Thought This is the typical setup we are now all too familiar with in which big creditworthy buyers confirm invoices, they more or less guarantee to pay the invoice towards banks who can then offer suppliers pre-payment of their invoices at favorable conditions. The buyer benefits through longer payment terms, the supplier gets cheaper and alternative sources of financing and the bank earns a nice margin on the advance payment. It is quite easy to build the business case for larger companies. As long as you have a creditworthy buyer and a lower rated supplier the structure makes absolutely sense. Every big buyer should adopt this structure and offer such programme to their suppliers. Straightforward, easy, a win-win-win situation for all parties involved. Right? Market expectations have certainly been high the last 5 to 10 years. Those of you who were involved with the initial business cases on Supply Chain Finance probably remember the huge revenue potential for the banks. Many platform providers have sprung up to start catering to this new development. But both banks and platform providers have been disappointment by the slow adoption rate. Isn t that interesting. It is so easy to calculate the benefits of a SCF programme. Supplier financing is a no-brainer. And still the pick-up is not really there. Why not? When talking to banks and platform providers what do you typically hear as the reasons for this slow adoption of SCF. The lack of awareness of buyers and suppliers, lack of understanding regarding the product by stakeholders, silo based approaches both in the bank and within large buyers, difficulty in onboarding suppliers, the required change management on systems and processes, and the list goes on and on even Basel 3 was mentioned. But the best way to illustrate the reason for the slow adoption rate is to use the following process chart from a typical multinational. Figure 2: hysical Goods flow in large companies The chart shows the physical flow of goods between within a large company, to/from its suppliers and to/from the logistics providers regarding raw material, finished goods, and spare parts. These are only the physical flows of goods. Now add the financial flows, legal ownership and the information flows to this chart and it becomes even more complex. kay it is complex that is clear but what does this chart really tell you. Two things: For one. Big buyers need to work closely together with their E-INVICING MARKET GUIDE E-INVICING MARKET GUIDE 2012

9 suppliers to manage their supply chain. It is all about delivery reliability. And two. Any financial product that you might want to add to this relationship will require a multidisciplinary approach. the chain. This player steers the improvement processes i n the chain. Such as the optimization of logistics by forcing cooperation models or sustainability matters regarding social and environmental matters. Banks typically start their quest to get Supply Chain Finance programmes adopted by talking to the CF. In most cases the CF is an ex-banker anyways so it is easy to make the connection and explain the financial benefits. But then rocurement is invited to the table for the approach towards supplier on-boarding and it is often concluded that it needs to follow the regular contract re-negotiation cycle to squeeze This big dominant buyer has two very strong assets that gives him the power to manage and control the supply chain: credit worthiness and purchase volume. From the perspective of the buyer Supply Chain Finance is about leveraging these two assets to reduce costs and uncertainty in the chain. It does not necessarily mean that banks need to be involved. Big buyers can often structure this themselves. There is vast experience amongst large firms using payment terms, consignment stock, VMI, VI, tolling agreements and other structures where optimization has effect both on the physical and the financial flows. INDTRY most benefits out of the supplier. The future for Supply Chain Finance lies in structures where the bank relies on the big buyer to manage performance risks related to the good flow to make it possible to finance based on order or purchase contracts. There are already inventory finance models in the market based on this principle. Also for second or third tier suppliers the purchase contracts can form the basis for financing equipment that is needed to fulfill the requirements of the contract. Structures we see in emerging markets. Even the purchase of land by large firms for the growing of the crop can be seen in this context. THUGHT LEADERSHI Figure 3: Multidisciplinary Approach And with Supply Chain Management joining in the discussion everything is put in an even broader perspective. Do SCF models allow a better control of capacity amongst our suppliers. Can it prevent suppliers from going bankrupt or moving to competing supply chains? In other words how can SCF improve delivery reliability. Coming back to the definition of Supply Chain Finance. In my opinion it should include both the optimization of processes as well as the financing across the entire value chain. But I would like to include an additional component. The role of the big and dominant buyer. It boils down to the importance of the supplied material and the importance of the suppliers themselves. The more critical the components are for the buyer the more willing he is to provide its suppliers, via banks or not, with support structures for financing the necessary investments. Supply Chain Finance models will increase in importance given the foreseen scarcity of raw materials and the need for good sustainable suppliers. New models and techniques are needed to support these suppliers, to capture them, to control them. Banks will be requested to offer financing structures based on a deeper understanding of the supply chain. This is the direction SCF is going. Much beyond reversed factoring, much beyond first tier suppliers and driven by the large dominant buyers. In most supply chains we see that a large player dominates E-INVICING MARKET GUIDE

10 e- is Good. Smart is Better By James Tucker, Director of Marketing, Financial Solutions, Ariba Inc. LEADING E-INVICING MARKET LAYERS DISCS: E-Invocing is good. Smart is better By James Tucker, Director of Marketing, Financial Solutions, Ariba Inc. With an increasing sense of urgency, companies are automating the invoice management process. But many are simply passing bad invoices faster. A new breed of cloud-based solutions ensures that only the good ones get through James Tucker is the global director of solution marketing for Ariba s Network and Finance Solutions, with over twenty years of experience in business strategy, product management and performance measurement. James holds an MBA from St. Mary s College and a B.S. in Computer Science and Technical Mathematics. Ariba, Inc. is the world s business commerce network. Ariba combines industry-leading cloud-based applications with the world s largest web-based trading community to help companies discover and collaborate with a global network of partners. Learn more at: Mission Inevitable:The story behind DHL Express Europe s successful pan-european e-billing project By Richard Cogswell, Sales & Marketing Director of Fundtech FSC In recent decades, companies have devoted significant time and resources to improving the efficiency and effectiveness of their accounts payable (A) organization. And in the current economic environment where cash is king and companies are looking for any and all ways to free up and maximize it, many are stepping up their efforts. But what do they need to succeed? With large-scale implementations of ER and EDI systems, A has certainly become more efficient. Yet most finance executives remain dissatisfied with where things stand. Why? There s still too much paper and manual processing, filing and matching involved to achieve the kinds of efficiencies and savings that they need to weather changing economies. To remedy the situation, many are moving to e-invoicing and leveraging technology-based solutions that enable them to execute it. Such solutions attack the inefficiencies that exist between companies such as sending and receiving invoices and payments - to enable more effective collaboration. Delivered in the Cloud, they can be easily shared and accessed among trading partners, allowing for common business processes in areas like billing, treasury, and A. Yet the invoicing process remains flawed. A teams still spend inordinate amounts of time and effort processing paper invoices. Current studies show that one in five invoices still contains an overcharge or other exception. Why? Because many companies are attempting to tackle the problem through digitization alone. And it s clear that this only leads to bad invoices being delivered faster. So what s the solution? Smart. With smart invoicing, e-invoices undergo an automated validation process at the point in 20 E-INVICING MARKET GUIDE 2012

11 which suppliers submit them, improving accuracy, eliminating errors and rework so that only valid and approved invoices reach A. Companies adopting this approach are achieving upwards of 98% touchless invoice processing or higher as validated invoices post directly to ER systems. As fficemax has found, smart invoicing isn t just about streamlining A or accounts receivable. With the right solution in place, companies can drive a more collaborative and efficient commerce process through which they can improve performance and profits and ultimately, their advantage in the marketplace. When done right, smart invoicing can deliver process efficiency gains, typically measured in terms of the number of invoices processed per full time equivalent staff. rganizations with over 10 full-time employees dedicated to processing invoices have reported as much as 70% cost take out. ther hard-dollar savings can be generated through the capture of early payment discounts. Many companies simply cannot process their paper invoices fast enough to capture early payment discount savings which can be significant. With smart invoicing, they can not only capture these discounts, but ensure they materialize by avoiding exceptions that delay invoice approval speeding up the invoice cycle time. Some companies using a smart invoicing approach are already capturing over $1 million in annual discount savings. Smart invoicing initiatives also have a positive impact on working capital. With improved visibility and control, finance organizations can avoid paying invoices upon receipt and pay to term which will stretch their payables and have a positive impact on D. Many companies are able to use their growing cash reserves and cash freed up from smart invoicing efficiency gains to fund discount programs. These savings are used to drive operational improvements and also helps provide much needed liquidity to supply chains that are struggling under today s tight lending practices. Without question, smart invoicing can help A organizations take their performance and efficiency to the next level. But identifying the right solution is absolutely essential to success. Smart invoicing is about more than transforming paper documents into electronic ones. To drive results, a solution must: Eliminate (not automate) errors at the source ermit suppliers of all sizes to easily and inexpensively connect Dramatically reduce the quantity of paper handled, stored and matched Improve supplier collaboration Match purchase orders, receipts, and contracts to invoices Accommodate varying degrees of supplier technical sophistication Allow 100 percent capture of invoice volume Improve compliance across contracts, preferred vendors, and global e-invoice tax regulations rovide visibility into cash flow Remove latency in invoice and payment processing Reduce the volume of supplier inquiries ffer multi-lingual, multi-currency capabilities rovide global, localized support for a company and its suppliers Many companies are finding such solutions in the cloud. A unique strength of on-demand and cloud solutions is the integration and validation at the business process level, of pulling together many disparate elements of a process -- but with the proper governance along the way, said Dana Gardner, rincipal Analyst, Interarbor Solutions. Managed automation across all the elements of the process makes invoicing work far better. And it leads to even further benefits up and down the supply chain. atrick gborn, Vice resident, ecommerce, fficemax, an early adopter of e solutions, agrees. Implementing an electronic invoicing process has allowed fficemax and its customers to reduce purchase order and invoice processing errors. And this has enabled tighter integration and collaboration with our customers. E-INVICING MARKET GUIDE E-INVICING MARKET GUIDE 2012

12 Mission Inevitable The story behind DHL Express Europe s successful pan-european e-billing project by Richard Cogswell, Sales & Marketing Director of Fundtech FSC DHL Express Europe started their e-billing project 6 years ago. The program has recently completed its 34th country entity deployment, with top performers delivering more than 90% of their invoices electronically. In this article we take a look at how the project has developed since conception and speak to DHL s e-billing manager Brian Thumwood about their overall journey from paper to electronic. Richard Cogswell, Sales & Marketing Director, joined Fundtech FSC in 2004 with over 13 years experience of working in Financial Services with the likes of Barclays Bank and Commercial Union. Richard is an acknowledged e-payments and e-invoicing specialist and has worked with key accounts such as the Deutsche ost Group, specifically DHL Express Europe, DHL Mail & Williams Lea and the RBS Group. Fundtech is a leading provider of software products and services to over 1000 banks and corporates worldwide. Their established Accountis EI service eliminates the most common barriers to e-invoicing entry, such as trading network adoption and technology integration. All users immediately access their E-invoicing Directory of over 300,000+ live connected and trading corporates. The product is multilingual and multicurrency ready, and caters for a global customer base. DHL Express Europe started its e-invoicing project for one main reason to satisfy customer demand. First there was pressure from large customers who wanted to receive their invoices through EDI rather than on paper. Secondly, there was demand from both large and small customers alike to receive invoice data quickly, securely and in one format. Many years of business acquisitions by DHL had led to a complex infrastructure of disparate finance systems located in offices throughout Europe. Customers in the UK, Spain and Belgium for example were receiving invoices in different formats, experiencing varying levels of customer service, with no single view of all invoice activity. Therefore, DHL Express Europe needed to provide a solution that would satisfy the needs of both their largest EDI customers, as well as the thousands of smaller business that were more likely to use the web. DHL Express approached Fundtech with a clear vision: to generate and send electronic invoices directly from multiple back-office systems across Europe, and present them online for customers of all sizes, in any location. DHL Express sends tens of millions of invoices each year and making the switch from paper to electronic would offer significant efficiency and cost savings. Heading up the project for DHL Express was Brian Thumwood, an established finance professional with many years experience in accounting, credit management, process improvement and finance transformation. From the outset Brian acknowledged that the inconsistency in billing systems and invoice formats for customers would be the main barrier to overcome. He explains; ur first challenge was to consolidate all our data into an EDI gateway to standardise format and structure, and to enrich it. From that single source we could then deliver EDI data files directly to our larger customers, and also send the e-invoicing data to the Fundtech Accountis EI Hub for delivery and presentment. Key to this part of the project was to produce a single, standard format for all e-invoices. How did they do it? They asked their customers of course. Following a customer survey they selected a best in class invoice, and this became the standard format to be rolled out across Europe. In fact, this new format has been so successful that it is to become the standard for all paper invoices in the region too (more on this later in the article). As a result, all customers, regardless of which European office they deal with, are presented with invoices in one easy to understand format that is quicker to process. The project began in Belgium where the pilot achieved a high conversion and was successful, despite some initial skepticism. Brian explains; The complexity of our internal systems presented us with many challenges, but getting acceptance internally proved to be a challenge in its own right. Common questions we encountered included; are customers ready for e-billing? Will they accept it? Will we save money from it? However, we made Belgium a success and this helped to strengthen our business case and enable further country roll-outs. Success breeds success as they say and a real highlight for me came about literally months into the project when countries who didn t have the system starting chasing us for it. That was the point when I knew we were doing something right. Fundtech provided DHL Express with a distinctive red and yellow online e-invoicing portal to be used by both employees and customers. Following a simple, self-sign online registration process, customers can login to view all their invoices electronically and in their chosen language. Initially e-invoices were sent to customers by as a DF attachment with a copy presented online. However, it quickly became apparent that an image was not sufficient for many customers. There was a pressing need for the invoice data to be available for download, such as minimum CSV, Excel or XML. For example, in the UK at that time, at least 1,200 customers each month were being manually sent Excel files by DHL finance staff a slow process that they could well do without. Therefore, the system was enhanced and customers were given the ability to download their invoices in several different electronic formats, or automatically sent invoice files direct to their or server for processing. To further enhance efficiency, customers have also been given the ability to view and access other documents, not just invoices via the portal. For example, they can check original shipment documents, called Airway Bills, for delivery details such as sender, receiver and contents. It is a simple, yet powerful feature that has helped reduce the number of customer queries relating to deliveries. The Airway Bills document archiving platform has also been developed to present other documents including custom and duty notes, and an enhanced search and bulk download function has recently been added so that customers can follow a few steps to download all Airway Bills for an invoice. Between 30,000-40,000 Airway Bills were downloaded by UK users via the service during August and September 2011, these feature enhancements highlight the benefit of using a scalable online system such as Accountis, which can grow and develop with business needs. So, how is the success of e-billing project being measured? We measure success in several ways. Firstly in terms of paper invoice conversion, says Brian. He continues, Currently almost half of all invoices in Europe are sent electronically, which achieves our official project target of 50% conversion. However, my personal target is 100% as I believe that everything will be delivered electronically in the near future it s inevitable. Some of our highest achieving countries are at around 90% conversion, which is excellent. Another measure is the number of trees saved, and the importance of this should not be underestimated. For us, and many of our customers, this was a key reason for adoption. E-INVICING MARKET GUIDE E-INVICING MARKET GUIDE 2012

13 E-billing roject Managers like to show their Board of Directors that they are committed to the company sustainability policy by deploying green technology. We have saved nearly 1000 trees already this year with e-billing. DHL Express original business case was built on saving paper, printing and postage costs. But at the time, the project team were experiencing downward pressure from conflicting internal initiatives aimed at decreasing the cost of paper invoicing through outsourcing, duplex printing and collective bargaining etc. As a counter measure Brian and his team attempted to estimate the overall processing cost savings associated with sending an invoice. However industry estimates varied wildly, anywhere from 5 to 20 and were based on processing invoices of 1-2 pages, sent by standard post in an envelope. But anyone in the logistics industry will tell you that this is not often the case. The photograph shows a single monthly invoice for one of their customers and you do not have to be an e-invoicing specialist to recognise that massive savings can be made if these large invoices are sent electronically. All other methods of reducing paper invoicing costs are blown out of the water in comparison. Cost reduction is not just about saving paper however, as DHL Express later discovered. According to Brian it is the hidden cost savings that have made the project so worthwhile. Electronic delivery meant that customers received their invoices within hours of the billing run rather than days. Typically our billing run takes place overnight at month-end so start of business the next day the invoices have arrived for processing. We operate Contact Centres for invoice queries and our largest source of queries before e-billing were about copy documentation. In the UK we were receiving around 30,000 queries per month, roughly half for copy invoices and half for Airway Bills. These are now handled by the system as customers can view an invoice, initiate a query or click on a link to see supporting documentation, such as an Airway Bill. Every step of the process now happens much quicker which ideally means the payment comes through quicker. In the UK, for example, Days Sales utstanding (DS) is 2-3 days lower than average for e-invoices. To further speed up payment we are also adding a pay now button to all invoices that will enable customers to pay online by credit/debit card, ayal, or set up a paperless Direct Debit. unique code will also be printed on the paper invoices to encourage non e-billing customers to access to signup for the service. When talking to Brian and his colleagues about e-invoicing it is obvious that they are passionate about the project and are delighted with the success so far. By introducing European-wide electronic invoicing DHL Express has replaced a slow paper billing process with a fresh, greener technology. DHL e-billing is a multilingual online service that makes life easier for everyone involved and is a welcome change to the never-ending paper chase. Gone are the days of bulky paper invoices in confusing formats. Customers now enjoy a simplified invoicing process in their preferred language that can be accessed at a time and location that suits them. When asked what advice he would give to any manager embarking on a similar project Brian says, First, don t see e-billing as a finance function. It should be seen as part of your organisation s overall e-commerce strategy. Through the e-billing system you are able to grab the attention of your customer on a one-to-one basis. Second, keep it simple. So many projects promise the earth but then fail to deliver, so don t expect to build the ultimate e-billing system from day one. We worked with Fundtech to build a scalable, flexible e-billing system that could be launched country by country. The pilot-to-rollout approach really worked for us and I would strongly recommend that approach. It also helps to spread implementation costs and achieve RI. E-billing is the way of the future. Yes it does have challenges, but start simple, get some success under your belt and grow from there. The market is ready for it now and now is definitely the time. reduces work for the DHL finance team. E-billing has put a stop to all the unnecessary work involved in the paper invoicing process. DHL Express has been able to kick old habits by introducing new standards and a more automated service. The actual invoicing process has not changed much but they have been able to eliminate time-consuming tasks so the process is much quicker. In some cases, they are seeing close to real-time processing, which is unheard of with paper invoicing. For example, many of their e-billing customers react instantly to an prompt and deal with their invoices immediately, rather than placing them in an in-tray pile. They access their invoices when they want to and from any location, which is much quicker and easier for them. Also, the fact that they do some of the administration work themselves speeds up the process and INDTRY INSIGHTS FRM T LAYERS IN THE E-INVICING SERVICES MARKET And what of recent developments? Following feedback from a customer survey the company is in the final stages of streamlining the invoicing process even further. Currently, the data for paper invoice processing is sent directly from local finance systems to one of a number of print and post partners located across Europe. Therefore the problem of inconsistent invoice layouts and standards still prevails. However, when this project is completed data for all invoices, both paper and electronic, will be sent directly to the Accountis E-invoicing Hub for reformatting into the new invoice format, and paper invoices will be printed and posted. As a result all customers who are registered for paper invoicing will receive their invoices in one standard format. A E-INVICING MARKET GUIDE E-INVICING MARKET GUIDE 2012

14 A CLSER LK AT THE CHALLENGES & RTUNTIES F BSTING E-INVICING ADTIN EXCLIVE INTERVIEW WITH Enrico Camerinelli, Sr. Analyst Europe at Aite Group LEADING EXERTS TAKE THE STAND Exclusive interview with Enrico Camerinelli, Sr. Analyst, Aite Group The next two e-invoicing S-Curves: Collaboration and more value By Jaap Jan Nienhuis, Financial Services Consultant at Innopay What to ask when buying e-invoicing By Susie West, Founder and CE of sharedserviceslink.com Enrico Camerinelli is a senior analyst at Aite Group specializing in wholesale banking, cash and trade finance, and payments. Based in Milan, he brings a strong European focus to Aite Group s Wholesale Banking practice. Aite Group is an independent research and advisory firm focused on business, technology and regulatory issues and their impact on the financial services industry. It seeks to become a partner, advisor, and catalyst by exchanging ideas and challenging basic assumptions to ensure that its clients stay ahead of the competition. Your position as both Sr. Research Analyst at Aite Group and member of the Italian delegation at UN/CEFACT makes you ideally placed to have a bird s eye view on the overall state of the European e-invoicing space what works, what does not work, what benefits there are, both real and potential. If you were to summarize your current insight, what would be the state of affairs of e-invoicing in Europe at the present moment? Enrico Camerinelli: I would say that in Europe electronic invoicing is particularly advanced, with many on-going initiatives at country level my own country, Italy, would be an example to that end and of course everybody speaks about the Nordic countries, from where many best practices in terms of electronic invoicing originate. verall e-invoicing awareness is pretty high. In terms of actual adoption, now this is where we have a problem: adoption of electronic services in Europe is not nearly as high as expected. There are a number of initiatives currently in progress, many of them initiated by local public administrations in a bid to make e-invoicing compulsory for companies which supply products and services to the public sector. This may be one strategy to help boost e-invoicing adoption. ne thing is clear, though: the many advertised benefits of e-invoicing adoption seem not to act as a sufficient trigger for corporations to spontaneously launch such electronic invoicing programs. So while e-invoicing awareness remains high, adoption levels are not proportional to awareness levels. We cannot say that the lack of widespread adoption of electronic invoicing solutions is caused by a lack of knowledge or a lack of regulations or by a lack of standards. There is another main reason for this state of affair, which is that the benefits that are accrued just by improving operations and reducing manual processes seem not to be the real benefits that companies perceive in terms of e-invoicing. In terms of obstacles you ve just mentioned a pretty big one: not lack of awareness per se but a lack of immediacy in perceiving the benefits of e-invoicing. Is the true problem here the fact that companies expect these benefits to become apparent in the short term and they don t? Enrico Camerinelli: I would say that the typical approach when looking at electronic invoicing is to turn paper invoices into 28 E-INVICING MARKET GUIDE 2012

15 digitized ones. And this is where you typically have the large buyer that somehow imposes these decisions on its suppliers. So in many instances, the adoption tactic is moving away from simply convincing suppliers to sign up for e-invoicing towards forcing them to do it. This can be one way of doing business. However, keep in mind that in such a scenario, all the benefits are on the buyer side, given that we re talking mostly about operational benefits, which are felt by bigger companies that process large amounts of invoices. But on the sender side, on the side of the supplier the difference is not that significant. Because the real problem for a supplier is not so much sending the invoice but rather receiving the money, getting paid on time. Given the current credit crisis, the big buyers are the ones who want to accelerate the receiving of the invoices by electronic means but at the same time, they are also the ones delaying payments just to cope with the financial instability. This means that as far as suppliers are concerned, the benefits are not too visible. There are some manual operations where improvements can be made, but the fact is that suppliers can find themselves in a scenario where one or two of the buyers they deal with ask for electronic invoices, while the others are still happy with paper ones. Also, from the perspective of the supplier there is a more complicated way of handling and processing invoices. If instead the adoption of electronic invoices is paralleled with the possibility of for instance getting advance payments or getting financial solutions attached to the invoice, this falls into the concept of supply chain finance and the story then becomes quite different. We are now heading into a discussion of supply chain financing. This was one of the topics which were heavily discussed at the ECA Summit 2012 which took place in Rome a few months ago. So I just wanted to ask, what options are there or what could buyers offer to suppliers in terms of supply chain financing that would change the story for suppliers? Enrico Camerinelli: I would say the most commonly used supply chain finance instrument is e-invoice discounting in its two main forms, taking place either with or without the involvement of a bank. In the former case we refer to There are two options, the first of them being bilateral invoice discounting. The latter is known as or receivables finance. In bilateral invoice discounting This takes place either with or without the involvement of a bank and the typical model could be a bilateral relation between the buyer and the supplier (i.e., no banks involved). In this context, when the buyer receives an invoice, if that invoice is received electronically, in the time window before the sixtieth day expires there is a possibility for the buyer to offer to the supplier an advance payment in exchange for an extra discount on the invoice. This is the typical invoice discount or cash discount model. It s not a new solution. The fact is that the ability to anticipate as much as possible the receipt of the invoice allows a wider window for negotiation. This marks an evolution of the typical static invoice discount model by which we move into what is called dynamic discounting. In this case it is not always an advanced payment that matters to the supplier, but rather the certainty of the payment date. My next question has to do with an issue that we ve touched upon this marked discrepancy between the estimated benefits of large scale e-invoicing adoption and the actual pace of adoption; exactly how big is this discrepancy between the estimated benefits and the actual benefits or the actual pace of adoption of e-invoicing? Enrico Camerinelli: Like I mentioned before, I would say that there is enough evidence (studies, use cases ) that demonstrate the many benefits of e-invoicing, making the essential difference between running a manual process and an electronic process. But the main reason why, in my opinion, there is no correspondence between these benefits and the rate of adoption, is because no true balance is achieved and the benefits are very much on the side of the buyer. Secondly, these are very much operational benefits and can be significant for those companies that process a huge amount of invoices; but if we have a more in-depth look at those companies that send the invoices (i.e., the suppliers), they might just send considerably lower invoice volumes compared to buyers. And so again the benefits of enhancing operational processes might not make a considerable difference for small enterprises, also because the implementation costs are significant for the latter. So instead of improving operational processes, e-invoicing adoption may actually complicate them in the eyes of a small supplier. The point is that so far, all the benefits related to the adoption of electronic invoicing focus on operational efficiencies, which are of little value to companies which manage invoices in small amounts. ne potential approach to boosting e-invoicing adoption is to make it free and easy for small companies to send their invoices. Is that like Tradeshift is doing for example? Enrico Camerinelli: Well, Tradeshift is offering invoice submission services for free for a limited number of users. Still, there is a limit beyond which a payment is required. f course Tradeshift goes beyond that: they use the electronic invoice as a channel, as a means of also providing a financing solution - which is, I believe, a real motivator for small companies to deploy electronic invoices. ther companies such as Basware, Bottomline Technologies or B10 can still focus on improving the process management of invoices even if they do not necessarily attach the financing part but focus on extending the reach of the digitization back into the purchase order management. Because if you offer a mid-size or small company (which serves as supplier to a big buyer) the possibility to receive their orders electronically and thus gain higher visibility of forecasts or visibility of the payment status together with the fact that invoices are sent electronically, then there might be a higher benefit for this supplier, which may not have all this information integrated. Dynamic discounting basically functions like a sliding scale. This model has a system which works in the background using algorithms and which allows companies to add or opt for a certain level of discount and then calculate and see what is the date of the advanced payment or vice versa. And there are of course some additional parameters such as maximum discount allowed or minimum payment date. This type of model is typically applied in the case of large corporations that have sufficient cash available, which they prefer to put into receivables programs rather than locking down the money in bank deposits that give very little return. If a financial institution is involved instead, then receivables finance is used. In that case it is the financial institution that anticipates the payment to the supplier and then collects the money from the buyer at invoice due date. It can be somehow associated with factoring Another supply chain finance instrument frequently is used is the, namely the so called reverse factoring. This is based on the principle that the buyer has better credit rating in the eyes of the bank than the supplier. Therefore, given that it s the buyer that approves the invoices (and if invoices are exchanged in electronic format), the visibility of this approval process is immediate and the bank can subsequently offer financing to the supplier at a lower interest rate on account of the credit worthiness of the buyer. When it comes to bringing SMEs on board (because they are the critical mass, over 90 percent of companies in Europe are small and medium-size enterprises), in addition to what we ve already discussed are there any other motivating factors for SMEs to adopt e-invoicing? Enrico Camerinelli: I would say that right now having e-invoicing combined with working capital financing is quite enough for small companies, in the sense that they need to get money, to get financed and so anything that can improve the collection process is important to them. As a result, the possibility of attaching the electronic invoice to the possibility of getting early payment or certainty of payment is definitely something of importance. As as I was saying before, some large buyers across Europe tell their suppliers: you have to do electronic invoicing if you want to keep doing business with us. This is also what the public sector is doing, the business to government (B2G) area. So in B2G, companies which do business with public authorities must deploy e-invoicing, as it is or can be made mandatory. This could also happen in the B2B sector, but the resistance can be higher or at least the cost for large buyers to get all their suppliers to adopt electronic invoicing can be higher in this sector, so that at the end of the day, they might achieve the results but with very high costs associated. And so they need to find a compelling reason to drive e-invoicing adoption among their suppliers. So the more the use of electronic invoices can be attached to financing, the more small companies can be made to see this as a benefit. E-INVICING MARKET GUIDE E-INVICING MARKET GUIDE 2012

16 You ve mentioned banks. Is there a role for them in the e-invoicing ecosystem? Enrico Camerinelli: I would say that banks have so far concentrated on building platforms or providing their own white-label platforms. When you offer a platform, when you offer a technology you also have to take care and make sure that people use that particular technology and I think this has distracted banks, preventing them from focusing on what they are really good at doing - which is, of course, providing financial solutions. So in my representation of supply chain finance, I have identified two big areas. ne includes supply chain transaction enablers, which provide the electronic invoicing or payment systems which form a sort of infrastructure; on top of this you have what I call the supply chain finance enablers which provide access to applications like invoice discounting or dynamic discounting or reverse factoring or let s say electronic letters of credit for instance. Banks should concentrate on the second group, on the supply chain finance enablers, letting the software vendors build the applications but then providing the parameters and the criteria to run those applications. And that s what banks should focus on: what is the level of risk (appetite?) that they accept, how they manage the risk of their counterparts, etc. Banks should go back and do what they know best and leave the technology to the technology providers. f course, many banks have spent quite a lot of money on building and running and maintaining these platforms and so it s difficult to just get rid of all that technology and saying now we do something else, but that is the role that I see for banks. We were talking earlier about the advantages of e-invoicing for small businesses, which extend beyond just eliminating paper. You ve mentioned all these financing opportunities and credit worthiness in front of banks, and liquidities and all that. My question is a bit more abstract. Do you think that these benefits of e-invoicing for small businesses are evident or obvious to the right people in the right places because in your opinion in terms of awareness, are European small business owners aware of what benefits they could derive from this or is there still work to be done on that front as well? Enrico Camerinelli: Well, certainly communication is never enough and education is never enough but as I said before there is visibility, I see that especially small and medium enterprises are being involved in these studies on electronic invoicing and made aware of the benefits. I would say that in the past years a lot has been done to generate that level of awareness, but this is not sufficient. Again, it s the operational improvements that you can get that are significant for those who handle huge amounts of invoices but not for those like the small and medium enterprises that handle a small amount of invoices. So again I don t think the main problem is the lack of information, but rather the fact that everything is concentrated on this process, operational excellence process reduction which is not that appealing to small enterprises. The next two e-invoicing s-curves: collaboration and more value Considerations for a future-proof e-invoicing strategy by Jaap Jan Nienhuis, Financial Services Consultant at Innopay An e-invoicing paradigm shift is needed if mass adoption of e-invoicing is to be achieved. New business models are needed that go beyond e-invoicing, and look to support the whole of the collaborative financial supply chains. This article explains the innovation curve of e-invoicing, and how service providers can successfully move upward on that curve and why interoperability between service providers is the key driver of this paradigm shift. Jaap Jan Nienhuis (1979) is consultant at Innopay ( com). Jaap Jan focuses on product development in two-sided markets, with a special focus on e-invoicing and related topics such as e-payments. Jaap Jan holds an MSc in Management from Nyenrode University, NL. Innopay is an independent consulting firm specialised in payments and transactional services. Innopay works for major international financial institutions, public sector and corporates helping in developing products, services, businesses and strategies in the field of transaction services. Innopay is member of ECA (www. epca-group.com), a pan European network of independent payment consultancies. Electronic invoicing has been out ever since. It is practised in various industries for over 25 years, using technologies such as EDI over Value Added Networks (VANs) and later XML over the internet. Much is written about the increasing adoption rates of e-invoicing in the past years, and many believe that mass adoption of e-invoicing will be achievable in the years to come. In the meantime e-invoicing has become a significant topic for both national and European policy makers. To understand where e-invoicing will lead us, we need to learn where it has brought us. This article will explore the history of e-invoicing and explain what will come in the future. It will help service providers to assess their readiness for the coming e-invoicing revolution. The e-invoicing innovation curve E-invoicing has gone through a number of development stages, as we outline below: Stage 1: Document exchange networks This stage focused really on the dematerialisation of the invoice using structured formats, such as EDIFACT or XML. Cost benefits were realised by eliminating cost of paper, postage, and more efficient processing of inbound invoices. It was mainly applied in very tight supply chains dominated by a single powerful buyer (for example the automotive industry). E-INVICING MARKET GUIDE E-INVICING MARKET GUIDE 2012

17 Stage 2: Linkage with other processes, such as payments, ordering, reconciliation In this stage, service providers created some links with other processes. This included the creation of an invoice based on the purchase order ( Flip), invoice status information, dispute resolution and matching of invoices, payments, and purchase orders. As in stage one, the adoption paradigm is driven by large buyers forcing SMEs into their e-invoicing service. As a result of this, e-invoicing is mainly adopted by supply chains with a strong relation between a supplier and large buyers. This is estimated to be between 40% - 45% of all B2B invoices. Without a revolution, e-invoicing adoption is likely to stabilise at 50% of B2B invoices. Stage 3: The paradigm shift: broader availability of e-invoicing services to SMEs In order to reach mass adoption (>80% of B2B invoices), the market of e-invoicing service providers should embrace an SMEfriendly paradigm. This SME part of the market is characterised by a large number of companies with relatively small numbers of invoices (the longtail). More and more service providers emerge with compelling value propositions for SMEs, addressing both the inbound and the outbound invoice flows. Have a look at the website of the most innovative e-invoicing service providers, and you will find one or more of the following concepts: Low cost and highly scalable infrastructure (cloud) that enables service providers to serve the long-tail of SMEs. SMEs can not only send invoices, but are also able to receive invoices from other companies. Another onboarding paradigm is required where SMEs are able to self-register for e-invoicing services instead of being onboarded by account teams of e-invoicing service providers. The freemium business model where SMEs can register for basic services for free, and when they need more services, they become a premium customer. A move towards supporting other financial supply chain processes, enabling such service providers to become the single window to financial supply chain management for SMEs. In the future an ecosystem of service providers will emerge that focus on optimisation across financial supply chains. This covers not only collaboration in e-invoicing, but also in related processes, such as e-finance, e-payments, e-ordering and e-cataloguing. Such service providers act more as B2B e-commerce collaboration platforms. This includes a focus on the optimisation of the flow of capital between trading parties. Interoperability between service providers is the key driver for this paradigm shift, as it allows SMEs to onboard to the service provider of their choice, while still being able to send invoices to other service providers. The key issue in stage 3 is that the growing number of contenders in this market results in increasing fragmentation terms of addressable reach for both the supplier and the buyer. This is a phenomenon very native to nascent two sided markets. We have seen this problem in the payments arena and telecoms sector where this has been solved by standardisation and cooperation ( schemes ). Strong business leaders are required to take the lead in developing such an interoperable eco-system for e-invoicing. Stage 4: Development of the next generation of e-invoicing services based on e-invoicing and related processes In the fourth stage, new innovative services are developed on top of e-invoicing, such as financing, dynamic discounting, liquidity management, B2B e-payments and other services. Strategic options E-invoicing service providers need to develop a strategy that enables them to remain competitive in the e-invoicing future envisioned above. Such a strategy should consider the following aspects: 1. Focus on corporate or longtail: Service providers may decide to focus on the optimisation of document flows for large buyers, really focusing on excellence in achieving ST processing of inbound invoices in large corporate environments. Such service providers must realise that the SME side of their network may erode over time, as SMEs will be better served by more SME oriented providers. ther providers may choose to focus on serving the longtail of SMEs. Such service providers will be challenged to develop a onestop shop that supports not only the e-invoicing process, but allfinancial supply chain processes of SMEs. This would also include e-ordering, e-procurement, and e-payment. ne very interesting mechanism to accelerate the development of new services on top of e-invoicing is to open up the platform for third-party developers using AIs, a concept known from platforms such as apple, Facebook, Twitter, LinkedIn and Google. In such networks, a community of innovative product developers becomes an important and powerful driver for innovation. Stage 5: The future is collaborative financial supply chains 2. artnerships: An e-invoicing service provider will need to think about what partnerships to develop to integrate specific capabilities. Examples include partnerships with companies such as Taulia, Flinqer, InvoiceMarket, Bilbus, and also ER vendors etc. that offer very advanced specialised capabilities related to e-invoicing. ne scalable, low cost and low risk way to achieve such partnerships is by developing a business model that allows third parties E-INVICING MARKET GUIDE E-INVICING MARKET GUIDE 2012

18 to develop innovative services on top of your platform. 3. E-invoicing specialist or B2B e-commerce cloud: Service providers may decide to specialise in e-invoicing, and develop various services around e-invoicing. ther service providers may move up and downstream in the financial supply chain, also offering services around e-ordering and B2B e-payments. 4. Network effects: Although more and more service providers start exploring interoperability (allowing one of the trading parties to be through another service provider), they may still need to create network effects that provide a higher level of collaboration between trading parties that are with the same service provider. Such business models need to think of enticing value propositions for both sides of the market, as they are challenged to create network effects. Conclusion Whatever strategy is chosen by e-invoicing service providers, innovation is the paramount topic which should be high on the agenda of e-invoicing service providers. The service provider that is able to offer innovative services that really help businesses to engage in collaborative financial supply chains, positions itself at the heart of the e-commerce transaction. Yesterday this position was held by banks with their transaction services. Who will it be tomorrow? What to ask when buying e-invoicing The five less obvious but hugely significant considerations by Susie West, Founder and CE of sharedserviceslink.com The e-invoicing market can be tough to negotiate. With so many different areas to take into consideration, it can be difficult to know what to ask. While you may know the obvious questions, there are some that are less obvious and can be overlooked. Here Susie will talk you through the five less obvious but hugely significant considerations and questions you need to ask when purchasing e-invoicing. Susie West is the Founder and CE of sharedserviceslink.com, the business community for leaders in finance shared services. Susie worked in the shared services and e-invoicing markets for 8 years before setting up the company, as a consultant and selling e-invoicing technology to the market. It became apparent during these 8 years that what leaders in finance shared services needed was a place where they could learn from each other, share ideas, and exchange secrets and horror stories. sharedserviceslink.com has become that place, and the outcome is impressive. Customers access a previously unavailable level of information needed to drive real business improvements. Susie chairs each of the conferences, speaks at other leading events, leads radio interviews and webinars, writes thought-leading articles and is an expert in this field. Knowing the questions to ask service providers when looking to purchase e-invoicing solutions can be a minefield. With a number of service providers offering different solutions, often the nuances of what they are offering are difficult to differentiate. The e-invoicing market has certainly matured over recent years and there is now a higher degree of awareness surrounding the questions that need to be asked. However, there is still confusion about, not just exactly what those questions should be, but also what to do with the feedback received. Here we will be examining five not-so-obvious, but very important areas that need consideration when you are choosing your network. 1. Supplier on-boarding Supplier on-boarding is an important consideration. Without suppliers sending you invoices electronically, you have no e-invoicing programme. Realising that the supplier on-boarding piece is key, you ll come to realise that the service part of this project is instrumental to success. E-INVICING MARKET GUIDE E-INVICING MARKET GUIDE 2012

19 The change management component of e-invoicing needs to be held in high regard by your service provider, and getting this right will hugely impact on your chances of being successful with the implementation. Most service providers will on-board your suppliers for you, but the way they do this differs from network to network. Ask them exactly what their process is in detail and they will hopefully tell you that they will: Ensure that your vendor database is clean so that any communications will land on the right desk and keep the momentum of your campaign Write the communications piece based on communications that have been successful in the past with other clients Follow up with the suppliers once they have received the request/instruction to join the network and walk them through any implementation Report on supplier uptake and advice on how procurement should liaise with suppliers that refuse to join Do you want to meet the people that will be liaising with your suppliers on your behalf? If so, go and meet them. Take the afternoon to sit with the supplier on-boarding team to see how professional they are, what native languages they speak, what systems they use to log calls etc. 2. pen vs. closed? pen vs. closed refers to the service providers views on interoperability which is fast becoming a popular method in very mature markets, such as Scandinavia. Whilst most geographical markets have some time to shunt their way up the adoption curve from 10% electronic to perhaps 30%, interoperability is currently a key consideration rather than a key requirement. But this will change as markets mature. Questions to ask are: How many interoperability relationships do you have and with whom? To what degree do you actively seek interoperability with other service providers? What volume of invoices cross your network from interop partners? With the view that once the market becomes fully mature, and interoperability will be common practice, you will want to partner with a service provider who is open to it today (even if they do not currently have many invoices coming through this arrangement.) 3. Commercials It will be fairly obvious to you that you need to discuss the commercial aspects of the deal. However, what needs to be understood is the total cost of ownership for you and indeed the supplier. You also need to understand the value e-invoicing represents to your business. Therefore your questions need to be about pricing, but also about the cost of change for you and the supplier. Understanding the cost of change for you, and the supplier in particular, will give you a clear idea of what your conversion will look like, and therefore the value that e-invoicing will lend your organisation. Here are some of the questions to ask: What is the forecasted/guaranteed conversion and over what period? What cost will the network remove from the business and what opportunity will using this solution open up? What is the cost of change to you as a business when setting up with this network? i.e. how many man days will it cost you to go live? What is the total cost of ownership for the supplier? Talk through the supplier technical set up (large supplier, mid-sized supplier, low volume supplier) -what is involved? Can you talk to the supplier directly about their experience? How much will the network charge you and what is the charging model? What is the commitment you need to make? Can you opt out at any time? Is there a large upfront fee? What is your risk? What happens if you follow all the best practice guarantees and your network fails to deliver? How long is the contract and can you get a better rate if you extend the contract? How much will you be charged to take invoices out of the archive? Are there any extras? What are they? What will they cost? What are the terms of the supplier s contract? What other services exist (like supply chain financing or dynamic discounting) that will mushroom your business case and increase the value for suppliers? 4. roject management is a change management programme, so you need to make sure that you are working with a programme manager from the network that can drive through change. The best way to ensure you get the best candidate is by meeting them. The programme manager will be responsible for driving through the change both internally and externally so it is important to make sure they have all the qualities needed to do so elegantly and effectively. When you find a project manager that you feel you can work well with, lock them into a contract before you sign it. roject management is also about more than just the set-up. You will also need to discover what support looks like once you are operational. You want to make sure that, even when you have reached 70% or 80% conversion, you are still being looked after and suppliers are still being on-boarded. 5. Resource planning A service provider sees clients at every corner existing, mature, recently signed, at contract stage, in sales. nce you sign as a client, how can you be sure that as you move through the implementation cycle your project and your suppliers will be prioritised? It is important to ensure that your programme is not de-prioritised as new, fresh, larger accounts come on board with bigger suppliers that can yield more for the network than your harder-to-convert mid-volume suppliers. As you run your campaign, it s in your interest that mid volume suppliers come on board. But how motivated is your network to on-board these suppliers over and above larger suppliers? This is a key area that requires full investigation. Here are some of the questions to ask: How many accounts does the service provider win each month? How will they manage all accounts won? What resource do you have ready and trained? Where will you come in the list of accounts won? How many people will be working on your account? What will happen when more accounts come on board? How can you make sure they will put as much effort into getting hard to on-board suppliers as the easy-wins? What will happen if 5 accounts come on board in one month instead of the forecasted 3? How are they incentivising their supplier on-boarding team to on-board mid volume suppliers? What does their commission plan look like? Are they the same people that on-board larger suppliers? If so why? The answers to these questions will assist you in deciding whether or not you are going to receive the right amount of attention the whole way through the process. Ask your chosen service provider to add KIs to the contract, so they have targets to meet E-INVICING MARKET GUIDE E-INVICING MARKET GUIDE 2012

20 on your account all the way through the process. These areas are the less obvious to explore when looking at e-invoicing. However, getting answers to these types of questions can mean the difference between a 30% conversion programme and a 70% programme. Make sure they feature in your buying process. sharedserviceslink.com provides a wealth of information and resources on electronic invoicing. I invite you to have a look at the dedicated section on our website and become member for free. Alternatively if you have any questions please feel free to contact me at [email protected] FC N SULY CHAIN FINANCE E- and Supply Chain Finance, a greater sum in combination By liver Belin, Business Development Executive, rimerevenue Flinqer optimizes the use of cash by smarter timing of payments By Reinier Weerman, CE, Flinqer E-INVICING MARKET GUIDE

21 E- and Supply Chain Finance, a greater sum in combination How SCF and e-invoicing unleashes working capital benefits for buyers and suppliers alike by liver Belin, Business Development Executive E-invoicing can strengthen the benefits of Supply Chain Finance (SCF) by delivering real-time data on trade transactions that has been encumbered by paper-based invoices. Until now e-invoicing and SCF service providers were enabled and operated separately. Today there is shift, with these services delivered, working together and unlocking even greater working capital in the supply chain. As Business Development Executive liver Belin works with rimerevenue s strategic partners to strengthen and expand the value delivered to the organization s world-class client base. rior liver worked for leading institutions in SCF. In 2008, liver founded Swiss Commercial Capital, a company specialized in trade finance solutions, which was acquired by Macquarie Bank. In 2011, he released the book Supply Chain Finance Solutions, published by Springer Verlag. rimerevenue is the leading, global, multi-bank Supply Chain Finance (SCF) service provider and platform. The rimerevenue pensci SCF platform and working capital advisory services provide organizations with the control and flexibility required to drive superior SCF results, reducing cost, capital and risk throughout their supply chains and forging stronger supplier relationships. With large coverage in the press, supply chain finance (SCF) and e-invoicing became two of the hottest topics within corporate finance looking for a way to improve working capital and reduce costs associated within their supply chain. SCF and electronic invoicing are not recent concepts. What has changed during the last years is the implementation of combined initiatives (SCF + e-invoicing) and the decidedness of numerous companies to convert the approach as well as the opportunities into deliverable benefits. A strategic shift in the marketplace is the integration of e-invoicing networks with transaction based SCF platform solutions, which help to complete the optimization of the financial supply chain. The rules have changed The rules of game in managing successful financial supply chains have changed. With competition no longer among individual companies but among entire supply chains, every area of end-to-end cost reduction is being explored. With the latest credit crisis and the disruptions in physical supply chains from the tragic events such as those in Fukushima and the flooding in Thailand, corporates realize the need to protect their fragile supply chains. As a reaction to the market environment, organizations are looking to improve working capital and inject liquidity into their supply chain. Today more and more corporates are implementing e-invoicing and SCF solutions simultaneously and benefit from this combined strategic decision. Added value of bringing e-invoicing and SCF to the table The added value and benefit for a buyer and its suppliers bringing in a straight-through, invoice-to-pay process or SCF as individual solution have remained clear and compelling for the market participants. However, there are still open discussions about the benefits of combining both services as one integrated solution. Why does it make sense for a buyer and its suppliers to launch SCF together with e-invoicing? And how can both solutions benefit from each other? For the buyer, moving from paper-based invoices to electronic invoices provides generally more benefits than for suppliers because the buying entity is provided with economies of scale in processing large volumes of invoices. Moving to e-invoicing the buyer can lower costs as collecting, registering and manual data entry of invoices can be eliminated, and increase accuracy with straight-through processing of data into the ER system. As the value of using e-invoicing is higher for the buyer, some companies implement SCF to incentivize suppliers to use electronic invoices. By taking e-invoicing to the next level, buyers can improve their working capital while also having suppliers paid within days of submitting their invoice. n rimerevenue s pensci platform funding can be achieved through dynamic discounting using the buyer s own balance sheet, and by introducing external funding institutions. Faster payment cycles and onboarding larger supplier base If a buyer wants to set up a SCF program but the time until invoice approval is too long, there is no real incentive for the supplier to sell his receivables and benefit from SCF. A key aspect of e-invoicing is the ability to accelerate cycle times, in particular invoice approval, hence increasing the window of opportunity for early funding. There are corporates introducing SCF together with e-invoicing in order to enable faster payment cycles to offer to suppliers very early payment terms while increasing Ds (Days ayables utstandings) on their side. In terms of onboarding, e-invoicing platforms can bring further benefits to SCF facilities. Some SCF programs rely on manual onboarding, which results in having only the largest suppliers in a program. E-invoicing could help gain larger volumes in SCF programs by including the long tail of suppliers. Selling somebody a car is easier when the person is already in the shop rather than standing on the street. Having suppliers already on an e-invoicing platform gives access to various type of information such as supplier data and invoice status, and the value proposition is much easier to perceive. In addition, having basic legal agreements already in place and a relationship with suppliers makes it much easier to introduce them to SCF. Although the opportunity to bring a larger number of suppliers on board is compelling, there are some challenges. nboarding of suppliers is in most cases complex, having to approach them one-by-one. The business case has to be explained, they need to get introduced to the SCF platform and legal terms have to be negotiated individually. In addition external funders need to be comfortable with financing the suppliers in the different jurisdictions in order to ensure perfection of interest when purchasing the accounts receivables. As a consequence, very often only 1% of the suppliers are invited into the SCF program. The SCF programs managed by rimerevenue typically include a much larger amount of suppliers as the company has customized, web-based onboarding tools, easy to use click-through agreements for suppliers, and a large E-INVICING MARKET GUIDE E-INVICING MARKET GUIDE 2012

22 onboarding team dedicated to bring the suppliers onto the SCF program. With its multi-funding platform, which encompasses 34+ financial institutions, there are no restrictions in terms of jurisdictions or credit limits. Nevertheless, there remains potential to bring even more suppliers to SCF programs. This could improve when SCF is bundled with e-invoicing and specialized SCF service providers are working closer with e-invoicing networks such as Tradeshift. Flinqer optimizes the use of cash by smarter timing of payments Cash management collaboration in supply chains: the real SCF Case Study French Retailer Currently rimerevenue is managing 65+ active SCF programs worldwide. Several of them are being introduced together with an e-invoicing initiative. rimerevenue launched a SCF program for one the biggest retailers in France several years ago where the automation of e-invoicing permits the buyer to quickly and reliably receive and approve invoices and convert them into payables. In this SCF program there is substantial benefit from the delta between the date of invoice approval and payment due date being maximized. nce a supplier has uploaded an invoice onto the e-invoicing system, the retailer can upload the data directly into his ER system. The buyer approves the invoice, which is uploaded into rimerevenue s cloud based SCF platform. The suppliers can either select early payment and being paid by an external funder or can choose to be paid in the usual course of the payment cycle by the buyer. At due date, the buyer pays the financing institution for the receivables sold to that funder. Since the buyer approves the invoice, the cost of financing is based on the creditworthiness of the buyer resulting in attractive discount rates. However, because the move to the electronic invoicing is not mandatory for the suppliers based on French law, and due to fees charged to the suppliers for using e-invoicing, the number of suppliers invoicing electronically is limited. Through its SCF platform rimerevenue is providing financing for the suppliers on the e-invoicing platform as well as for the ones using paper based invoices. We see a clear benefit and value for the suppliers using e-invoices as they can make use of much earlier payment terms. n the other side we see that suppliers already on the e-invoicing platform are much more keen to come to the SCF program. In order to use the full potential of e-invoicing in SCF programs we believe it is important that e-invoicing providers make the offer for suppliers to use e-invoicing more attractive and explain the benefits of the services when using SCF solutions. by Reinier Weerman, CE of Flinqer Momentum is gained rapidly for innovative financing methods, including Supply Chain Finance. However, companies - and the economy - benefit much more by reducing the need for financing, simply by using available cash smarter within supply chains. Using invoicing data to alienate cash flows in supply chains makes financing increasingly irrelevant. Reinier Weerman (1976) is co-founder and CE of Flinqer. rior to Flinqer, Reinier launched other companies, including Zecco. com in San Fransisco, after working as a strategy consultant at Boer & Croon Strategy and Management Group. He s passionate about how technology can optimize cash distribution, benefiting companies and the economy as a whole. Flinqer is a network of companies that smartly tune timing of payments in order to become less dependent on banks. Flinqer matches requested and offered discounts by business partners to pay outstanding invoices immediately. It benefits cash rich companies by significantly better returns on cash at no risk, while it benefits their suppliers to lower working capital. Why financing if one can reduce working capital? Supply chain finance (SCF) is hot as a way to improve working capital and reduce costs associated within supply chains. Where banks structurally decrease credit facilities, SCF takes advantage of a more customized approach towards an ecosystem of a large buyer and it s suppliers. Yet, typical closed SCF set-ups are still quite old school : they usually require quite an investment in order-to-cash process automation, only apply to linear verticals (buyer - suppliers) and participation is often limited to a smaller amount of larger suppliers. Moreover, it increases, rather than decreases, everyone s dependence on banks - and credit. More innovative approaches towards financing clearly fill a gap, but isn t it time to actually reduce the need for financing? Flinqer: the power of smarter cash distribution Cash distribution between business partners in supply chains is suboptimal and can be done much more efficiently. Some companies allocate excess cash at (very) low return for longer, inflexible terms. They even have to worry about risk profiles of banks they stall their money at. Meanwhile, their business partners face high working capital at high cost and dependency. Moreover, billions of cash are leaking outside supply chains to banks while in fact, it could be used much more efficiently. Smarter E-INVICING MARKET GUIDE E-INVICING MARKET GUIDE 2012

23 circulation means that more can be done with the same amount of money, stimulating growth. Flinqer strongly believes in smarter cash distribution as a ways to help companies on both sides of the angle: cash rich companies seeking for optimum return on excess cash with minimum risk and maximum flexibility, and leveraged companies seeking to reduce working capital and therefore the need for financing. Flinqer lets companies tune the timing of payments in order to become less dependent on banks Smarter cash distribution sounds complex but isn t. All it takes is a smarter way of timing payments between business partners. That s what Flinqer is all about: a network of companies that flexibly tune timing of payments in order to become less dependent on banks. Flinqer matches requested and offered discounts by business partners to pay approved, but outstanding invoices immediately at beneficiary terms for everyone. Companies with cash can generate much higher return on excess cash - risk free, while it s more flexible and short-term than alternatives. Companies willing to decrease their working capital get access to cash, seize more control over their cash flow and become less dependent on banks. uses Flinqer only when desired. It works easy In a click and at any moment, buyers can set a minimally required annualized return (e.g. 9%) for paying their (automatically uploaded) approved payables immediately (instead of by original due dates). Similar, suppliers set a percentage they d offer to get their receivables paid immediately. Flinqer matches these offered and required discounts. This way, members can at any moment see what part of outstanding invoices can be settled instantly at conditions attractive enough - and act accordingly. It s very flexible conditions for immediate payments can be be set, changed and differentiated to all or some business partners at any time desired. Flinqer is very easy and safe to use and does not require any software integration. When needed, it only takes a few minutes a week to use Flinqer. There s no associated risk since it only applies to invoices that were due anyway. Sample calculation of benefits In a particular month, A sent invoices totalling 500,000 to 10 customers, half of them connected on Flinqer in order to be able to increase return on excess cash, if desired. Now A has an opportunity that requires a 200,000 up front investment, with a margin of 15%. It sets a rate he thinks is worth advancing outstanding receivables with 30 days, e.g. 0.8%. If 100,000 was due in 30 days and due in 20 days, A would pay an average discount of 0,67%, or 1.333, in order to get 200,000 paid immediately and grasp the 30,000 profit (15% margin). The set rate thus takes time value of money into account. Where A used to offer fixed, static payment discounts (which was always too much or just too little and was also offered in times it was not required), it now Let s also assume B, with 500 million in yearly cost of goods and services. 35% of these payables are connected via Flinqer in order to reduce working capital whenever terms are beneficiary enough. Average payment term is 60 days. If these flinqerable payables ( 100 million) are paid in 10 instead of 60 days on average, with an obtained discount of 0.8% on average in order to advance a payment with 30 days (1.33% to advance payments with 50 days), B realises an annualised return of 9.7%, or 1.33 million. Case study: Dura Vermeer Dura Vermeer is a Dutch top 10 construction company and uses Flinqer for some time now. Millions have been settled via Flinqer already and the amount of flinqering suppliers is growing rapidly. Suppliers are very happy with the newly obtained flexibility. According to Bob ost, CF of Dura Vermeer: There s a wide need for liquidity in the construction industry. Because of our excess liquidity, we can responsibly accelerate the flow of cash in the industry. It provides our suppliers with much needed access to cash, when desired, and we obtain a return that s several times higher than our benchmark. Jack van Diepen, a supplier of Dura Vermeer responds: To us, this is a very welcome and effective way to influence our cash flow. I m glad Dura Vermeer lets me decide when to get paid, if I want to. Flinqer: the real supply chain financing Like supply chain management optimizes the flow of goods between business partners throughout the chain, Flinqer has introduced a simple way to achieve a similar impact on the flow of cash between businesses throughout the chain. Flinqer approaches cash management at a supply chain level, rather than at a business level. In this way, excess liquidity can be used more effectively whenever and wherever needed in supply chains. This is real supply chain financing. Further ways to radically improve cash distribution It does not stop here. ur vision is that cash distribution is at the eve of a major, fundamental shift. While Flinqer currently matches offered and required discounts for immediate payment between business partners, there s much more to come to take E-INVICING MARKET GUIDE E-INVICING MARKET GUIDE 2012

24 supply chain cash flow optimization further, for which available invoice data of a network of companies is the basis. n top of immediate settlements, a feature will be launched in Q that adds the ability for longer term cash flow manipulation in a simple click and drag graphic. At some point, an invoice s due date will not be a static given, but a result of a mixture of variables such as varying cash flows of and the cost and return of cash for companies. Likewise algorithms are widely applied in other contexts already, including supply chain management. Furthermore, Flinqer is developing means in which even moving cash from A to B to C is replaced by far more intelligent frameworks of offsetting rights and liabilities between networks of companies. data is the basis for the ability to calculate how and when cash can optimally flow through value chains. Therefore, the e ecosystem provides tremendous intelligence and opportunities to go beyond the digital delivery of an invoice, and that payment providers can go beyond payments. BANKS - AN ESSENTIAL ART F THE E-INVICING & Supply chain finance ECSystem Accelerating Finance By André Casterman, Head of Banking and Trade at SWIFT A UNIQUE ERSECTIVE N THE WRLDWIDE E-INVICING, The Benefits of the Financial Value Chain Integration By Liliana Fratini assi, CE, Consorzio CBI E-BILLING & supply chain finance market E-INVICING MARKET GUIDE

25 Accelerating global trade finance by André Casterman, Head of Banking and Trade at SWIFT and Co-Chair of the B roject at the International Chamber of Commerce (ICC) The partnership between the ICC and SWIFT will revolutionise global trade finance practices by leveraging electronic transaction data available from dematerialised business-to-business processes and by establishing paperless inter-bank practices André Casterman heads up SWIFT s product and business developments in Correspondent Banking and Trade Finance. His responsibilities cover correspondent banking, traditional trade finance, supply chain finance, e-invoicing solutions. André was previously Director of SWIFT France. André joined SWIFT in 1991 in Information Systems, where he contributed to IT projects, including the roll out of SA. successful privately drafted rules for trade ever developed. The recently signed partnership is now well underway with an ambitious timetable aiming to establish the new Bank ayment bligation rules by Q The goal of both industry-owned organisations is to enable banks to extend the benefits of the letter of credit to the pen Account world by re-using electronic transaction data available from their corporate customers. Using the B, sellers will benefit from timely payments whereas buyers will be able to support pre-shipment finance of their strategic suppliers without conceding advance payments. The opportunity for the trade finance industry The physical supply chain has significantly increased efficiency through the use of new technologies and business models. By doing so, trading counterparties have accelerated their industry-specific processes, reduced handling costs and inventories, increased visibility and improved forecasting and planning. Some industries have succeeded to shorten order and delivery processes from an average 20-plus days to same-day execution. However on the banking side, most of the supporting global trade finance processes have not been optimised sufficiently due to e.g., paper-based practices slowing down key processes such as discrepancies handling. SWIFT is a member-owned cooperative through which the financial world conducts its business operations. SWIFT provides a worldwide communications platform, products and services that allow 10,000 financial institutions and corporations in more than 210 countries to connect and exchange financial information securely and reliably. SWIFT also acts as a catalyst to bring the financial community together to collaboratively shape market practices, define standards such as the IS financial messaging standards and develop global technology solutions such as SWIFTNet messaging and transaction matching services. A unique partnership to achieve an ambitious goal In my initial pinion iece entitled Collaborative supply chain finance - A few more steps to go published in SWIFT s Dialogue magazine of ctober 2010, I advocated that the time had come for the International Chamber of Commerce (ICC) to embrace the B rules, and help the industry establish best practices in supply chain finance. I also suggested that a set of ICC rules governing collaborative supply chain finance will be a key milestone for the trade banks as such rules will offer a legally binding, valid and enforceable risk mitigation instrument for financing open account transactions. ne year on, at Sibos in Toronto, the ICC and SWIFT confirmed their joint ambition and action plan to provide the global trade industry with new rules and tools in support of the development of international trade in the 21st century. The ICC was established in 1919 to facilitate the flow of international trade. It was in that spirit that the Uniform Customs & ractice for Documentary Credits (UC) were first introduced in 1933 to alleviate the confusion caused by individual countries promoting their own national rules on letter of credit practice. The ICC rules on documentary credits, UC 600, are the most The time has now come for the trade finance industry to link the delivery of financial services to what is actually happening in the physical supply chain in a more efficient way, i.e., using electronic transaction data. The emergence of e-commerce/e-invoicing platforms has significantly increased the dematerialisation of business-to-business processes such as sourcing, negotiation, quotation, ordering, shipping, invoicing, Such new electronic business-to-business processes are creating a new paperless world where efficiency gains and cost reduction are achieved to the benefits of both buyers and sellers. Buyers and sellers now expect their banking partners to follow suit. The ICC B leverages electronic transaction data The dematerialised business-to-business processes offer banks the opportunity to extend today s paper-based trade finance services to new services based on electronic transaction data. The co-operation between the ICC and SWIFT will facilitate this as it is delivering a complete package made of rules as well as new messaging standards and a new SWIFT cloud application for supply chain finance (Trade Services Utility or TSU). The new rules and messaging standards enable banks to leverage electronic transaction data available from the business-to-business world. Using data representing the purchase order (), the invoice, the E-INVICING MARKET GUIDE E-INVICING MARKET GUIDE 2012

26 independently of effective payment by the buyers. When needed, buyers with strong credit ratings will be able to facilitate preshipment finance to support their critical suppliers whilst not using their own capital as it is often the case today. Contrary to today s approved payables financing services which are driven by large buyers, the B is offering an industry-wide multi-bank instrument relevant to any type of corporate in any industry. Conclusion The time has come for banks to prepare for this innovation and start extending their supply chain finance services from invoicebased processing services to -based services such as payment assurance, risk mitigation, pre-shipment and post-shipment finance. Banks will be able to better respond to key issues for sellers such as late payments whether dealing on letters of credits or open accounts. They will also be able to speed up processing and enable buyers to optimise credit lines and to reduce handling costs and inventories. Finally, buyers will be able to avoid supplier defaults by facilitating pre-shipment finance without using their own capital. certificates and the transport documents offers banks the ability to accelerate global trade finance processes as well as increase visibility on transaction details in order to better mitigate risk and finance transactions. Some 37 banks have understood the opportunity offered by the B and confirmed last year their decision to adopt the B. As corporates will discover the benefits of the B in 2012/2013, they will be expecting their banking partners to react quickly. Waiting for the ICC publication of Q and missing the opportunity to get ready in 2012 is in my view a mistake banks ought to avoid making. The ICC B offers a modern instrument There has never been an equivalent instrument to enable an exporter to trade on pen Account (A) terms with the same degree of confidence that a payment will be executed in accordance with the terms of a letter of credit. The B is an irrevocable undertaking given by one bank to another bank that payment will be made on a specified date, after a specified event has taken place. This specified event is evidenced by feeding the relevant data elements taken from purchase orders, commercial invoices, advanced shipment notices, bills of lading, etc into a shared matching application which then generates a match report to show that the description of goods shipped matches precisely the description of goods ordered. The B places a legal obligation on the issuing bank to pay the recipient bank subject to the successful matching of compliant data. In short, the B delivers business benefits and security equivalent to those previously obtained through a commercial letter of credit, whilst at the same time eliminating the drawbacks of manual processing typically associated with traditional trade finance. Certainty of payment not only facilitates access to flexible forms of financing but also supports the more efficient management of working capital, enabling the release of substantial volumes of cash which might otherwise be trapped in the supply chain. Whereas banks have attempted in part to plug the gap, for example through the issuance of conditional payment guarantees or standby letters of credit, the B acts as an electronic inter-bank conditional promise to pay offering a comprehensive and costeffective risk mitigation and financing tool to all trading counterparties. The ICC B extends the scope of SCF using electronic data Although data-driven supply chain finance (SCF) solutions are widely available from large banks and from some third-party vendors, most are limited to the last mile of the transaction, i.e. using the invoice approved by the buyer to finance the supplier s receivables. Although addressing suppliers working capital issues, this type of offering only represents a small yet relevant - step when considering the real potential of supply chain finance across the full transaction lifecycle. With the B, banks are involved as from the very early stage of the trade transaction, i.e., the raising of the purchase order, and at every stage of the transaction lifecycle. This is a key difference for banks that wish to provide, for example, payment risk mitigation and/or preshipment finance in a secure, efficient and collaborative way. Such services represent much higher value for corporates. Both large and mid-caps sellers will enjoy timely payments when dealing on A terms since payment will be done by their own bank E-INVICING MARKET GUIDE E-INVICING MARKET GUIDE 2012

27 THE BENEFITS F THE FINANCIAL VALUE CHAIN INTEGRATIN: THE ITALIAN EXERIENCE THRUGH CBI By Liliana Fratini assi CE Consorzio CBI The article presents the experience gathered by CBI in Italy in creating financial services that allow interoperability and support the financial value chain. CBI enables the activation of document exchange, invoice financial request and payment orders, supports automatic reconciliation between commercial and financial data and supports e-invoicing in the Business to Government area. Liliana Fratini assi is CE of Consorzio CBI. She is also resident of Financial Services WG-Ministry for Economic Development; domain coordinator of Finance & ayments under Supply Chain DA by the UN/CEFACT; UN/CEFACT liaison with IS TC 68; board member of the IS20022 RMG and of the IFA. Consorzio CBI develops certified standards and defines a reference regulatory framework, which allows his members (660 Financial Institutions) to provide their clients (over 900,000 enterprises and public administrations) with innovative services, either in the collection and payment area (SEA compliant), or in the document management area (e.g. e-invoice), according to main international standards (e.g. IS 20022). The Italian CBI community The CBI Consortium represents the Italian best practice in the field of the innovation and standardization of corporate banking services, intended for the business target (corporate clients and public administrations). To date, 660 financial institutions have joined the CBI Consortium (that accounts for more than 90% of all the Italian banking Community, oste Italiane and Cartalis). In line with the SD, the Consortium s associates will also include new ayment Institutions and foreign banking institutions in the future. There are more than 900,000 enterprises, above all SMEs (December 2011 source) that use CBI functionalities offered by the relative Financial Institutions. ublic Entities and retail are also part of the client target base. Hence, the Consortium defines the technical and regulative standards of the CBI Service, on national and international levels, and manages a modern technological infrastructure in order to support the relations among the different parties of the CBI s community (institutions, public bodies, enterprises, trade associations, software vendors, service providers, etc.). This represents a guarantee for consortium members, who are able to provide their customers with innovative services, either in the core collection and payment area (SEA compliant), or in the innovative area of document management (e.g. e-invoice), according to main national and international standards in line with IS ongoing international initiatives (EC STF, CEN e- WGs, UN/CEFACT Supply Chain DA, IS SEG and RMG, IFA, CGI). In this way, the CBI Consortium has been the first submitting Italian organization to set standards for the Business Area Trade Services in the IS20022 Repository, lodging the Invoice Financing Request service (in November 2007) and the Creditor ayment Activation Request (CAR) service (in September 2010). The e-invoicing market ver the last years, the issue of e- has attracted considerable interest from most international stakeholders, which are recognizing the benefits it brings in terms of complete integration and dematerialisation of business processes. The CBI Consortium collaborates with the Milan olytechnic in order to support market analysis and studies about e-invoicing, enabling a wider spread of e-invoice culture. The report of 2008, strongly supported by the CBI Consortium, demonstrates that the process costs can be reduced by about as the integration and dematerialization level increases. The biggest the integration the highest the cost reduction achievable. However, in Italy, the market of e-invoicing has yet to mature. Around 60,000 companies in Italy assimilate the e-invoicing principles on the rder-ayment chain, but the invoice document is involved in only 1 process. The analysis of potential benefits and the actual state of adoption seem in partial contradiction, thereby creating the need to identify possible development factors. The actors commonly identified as crucial for a more widespread adoption of electronic invoicing are mainly found outside the company the Legislative framework and the availability of clear technical standards and rules shared by all and only rarely is emphasis placed on the importance of the management of internal change. This last factor, however, is crucial, as the risk is that its absence might impede electronic invoicing projects, or somehow prevent their full exploitation. Regarding Government initiatives, politicians and interest groups are displaying a growing interest in e-invoicing. The European Commission is making efforts to evaluate and unlock the potential of electronic invoicing to boost the efficiency of the European economy. The background is the eeurope initiative (and its successors) launched as part of the Lisbon agenda. Moreover, the new Single Euro ayments Area (SEA) is seen as an excellent platform for innovations in the payment process. And one of these is European e-invoicing. The European Commission has set up various initiatives to support the wide adoption of e-invoicing in Europe, guarantying the interoperability between the European Members. The first step was the creation of the Expert Group on e- in 2008, in order to define a European Framework on e-. In order to implement the important results of the Expert Group on e- the European Commission adopted, on 2 December 2010, the Communication Reaping the benefits of e-invoicing for Europe, as well as the decision to set up a European Multi- Stakeholder Forum on e-, which was announced in the Digital Agenda for Europe, with the goal to make e-invoicing the predominant method of invoicing by The European Multi-Stakeholder Forum on Electronic brings together key players from the private and public sector of all Member States, to exchange experiences and best practices which can pave the way for a broad-scale adoption of e-invoicing at both national and EU level. Each Member State has to create its own National Stakeholder Forum, which in Italy started on 20 December The CBI Consortium participates in this Stakeholder Forum in order to represent the Italian banking system know-how and experience in the field of e-invoicing. In order to achieve the maximum alignment to international issues of the banking sector, the CBI Consortium takes part in several E-INVICING MARKET GUIDE E-INVICING MARKET GUIDE 2012

28 How the CBI supports the integration of the financial value chain In this scenario, the firms increasing needs have driven the CBI Consortium to develop innovative services regarding e-; in particular, value added services have been introduced to help banks develop advanced offers to their clients. n this common base, each single bank can develop value added and distinctive services in its competitive space: for example, the reconciliation service, or the support in the dispute process between seller and buyer, or the electronic archiving to ensure the legal validity of e-invoices. The CBI e-invoicing services are characterized by relevant features, such as IS XML compliance Multi-standard format System information on the transmission status Faster request elaboration Data security/integrity and quality E-invoicing in Business to Government (B2G) area nce realized how important e-invoicing is, several European countries have decided to implement a Roadmap to make e-invoicing compulsory in the B2G domain. In Italy, the compulsoriness was introduced with the 2008 Budget ackage, which introduced the obligation for suppliers of public sector authorities and national public institutes, to issue, transmit and archive invoices exclusively in electronic format. Consequently, the ublic Administrations cannot process any payment for invoices issued on paper. Anyway the Italian Community is currently waiting for the issuing of the second decree, defining the technical, administrative and procedural rules aimed at making the aforesaid system effective. In this scenario, CBI took part in the legislative procedure in order to strengthen the possibility of proposing CBI as a main interlocutor for B2G (Business to Government). For the definition of the CBI e-invoice standards, the CBI Consortium has developed gap analyses among the most important international standards and collected also the stakeholders requirements through the CBI Stakeholder Forum. Moreover the CBI A MT-HAVE for all professionals in the Consortium has completed the gap-analysis with the main international standards, so as to ensure the interoperability. e-invoicing industry The CBI enables the activation of document exchange, invoice financial request and payment orders, and supports automatic reconciliation between commercial and financial data. The model ensures financial institutions, connected to CBI network, to communicate directly, sending and receiving invoices in a non-structured modality too. This brings the best flexibility in the commercial relation, relieving the parties from compliance with rules for the structuring of reference documents. E-INVICING MARKET GUIDE E-INVICING MARKET GUIDE 2012

29 EU e-invoicing 2013: a compelling event? No-one moved the bar but the new regime provides more user choice by Christiaan van der Valk, CE, TrustWeaver VALUE-ADDED SerVices RVIDERS EU E- 2013: A Compelling Event? By Christiaan van der Valk, CE, TrustWeaver Value Added Services for e-invoice Service roviders By Roel Crooijmans, Co-Founder, RefDex opular interpretations that integrity and authenticity are no longer to be demonstrated if business processes are generally adequate are incorrect. Rather than trying to wish away these core requirements which are here to stay, businesses should take advantage of the new rules by analyzing if their normal processes create an evidence deficit and, if so, work with trading partners to select the most cost-effective method to remedy it. Christiaan was elected a WEF Leader for Tomorrow (2000). He authored the 2001 ASEM E-Commerce rinciples; co-chairs the ICC Digital Economy Task Force on Security and Authentication; member, Supervisory Board of the.nl domain registry foundation (SIDN); Vice Chairman of EDIFICE and of Digital Trust and Compliance Europe (DTCE). TrustWeaver ( monitors legal requirements for electronic transactions worldwide and uses unique processes to make sure that documents processed by its Cloud services always meet the highest possible standards of digital evidence. Through its vast B2B partner network, TrustWeaver serves many of the world s multinational companies and their trading partners worldwide. Many companies are trying to understand the impact of the changes to the VAT e-invoicing rules in the EU that take effect on 1 January This article attempts to provide some useful pointers, organized around frequently asked questions. What is equal treatment? The new Directive (2010/45) has as one important objective to create equal treatment between paper and electronic invoices. This means two things: The base requirement of ensuring integrity and authenticity going forward applies to invoices in any format, instead of only to electronic invoices as was the case under the 2001 Directive. A new method has been introduced for ensuring authenticity and integrity: business controls establishing a reliable audit trail between an invoice and a supply. The policy argument behind this new method was that this type of integrity and authenticity evidence was already permitted for paper invoices so why would it not also be available for electronic invoices...? So trading partners must still prove integrity and authenticity? Yes. The 2010 Directive in its recitals talks about proving that a supply actually took place; this had led to speculation that proving an actual supply relieves a company from having to prove integrity and authenticity of an invoice. This is incorrect. 58 E-INVICING MARKET GUIDE 2012

30 If you are going to remember only one thing about the new Directive, remember this: no-one moved the bar. Integrity and authenticity must still always be demonstrated, even if you can prove that an actual supply took place and even if you have good internal controls and from 1 January 2013, this is also explicitly required for paper invoices. eople who tell you that the new Directive creates new obligations to maintain all sorts of business records you would not otherwise have created or archived are likely to be more interested in selling consulting hours than in actually helping you costeffectively ensure compliance. But hang on; were audit trails already sufficient for paper invoices? This is where it gets interesting. If reliable audit trails were already permitted for paper invoices, does that mean that companies issuing or receiving B2B invoices under EU VAT law could in fact dispose of such invoices and rely merely on the invoice data in their accounting system, proving invoice integrity and authenticity through an audit trail? This is definitely not how paper invoicing has worked so far: few knowledgeable VAT managers would agree to have all sales and purchase invoices shredded on the argument that invoice integrity and authenticity can be demonstrated without them The above means that (1) rather than merely extending an existing right from paper to electronic invoices, the compliance method of business controls establishing a reliable audit trail between an invoice and a supply is an innovation, or even a revolution; and (2) European businesses and tax administrations have very little, if any, experience with this completely new concept in VAT law. The reason why most tax managers would object to deliberately shredding paper invoices is because of their intrinsic integrity and authenticity evidence value. Admittedly, the evidence contributed by this physical medium is often not theoretically conclusive but it is also not, as proponents of equal treatment have theorized, negligible. In fact, the intrinsic evidence value of paper invoices has in EU audit practice often been sufficient to allow a tax auditor to decide whether to dig deeper into a company s financial administration and records or, feeling satisfied that invoices are very likely to be real, spare the company a more intrusive audit. If the intrinsic evidence value of paper invoices was so useful, can it not be replicated for electronic invoices? ne could argue that the intrinsic evidence value of paper invoices has traditionally created a practical balance between the conflicting objectives and limited resources of tax auditors and businesses. Can anything be done to recreate the same balance for electronic invoices? The answer brings us back to the text of the 2001 Directive (the one we are now replacing), which prioritizes two specific methods that are sure to guarantee e-invoice integrity and authenticity: advanced or qualified electronic signatures and EDI. Using these methods (correctly), trading partners can (also after ) be certain in advance that their electronic invoices will be accepted as real and unchanged by all 27 Member States tax administrations. Not only can the intrinsic evidence of paper-based invoices be equaled with such controls: it is generally far exceeded because these are very advanced technological controls that make the potential for proving integrity and authenticity of paper invoices pale in comparison. This was precisely one of the criticisms that led to the revision of the 2001 Directive: businesses felt that they were required to guarantee more security around electronic invoices than for paper-based invoices and with that the concept of equal treatment was born. Sigh! lease give me some advice I can use There are now four ways to ensure integrity and authenticity: Notes to Figure 1: (i) roving a supply took place is not enough for compliance, but logically a requirement for businesses that want to avail themselves of the option to use the BCAT option for proving invoice integrity and authenticity. This evidence must in most Member States be in electronic format. (ii) Importantly, a BCAT can prove a supply but not contain sufficient evidence of integrity and authenticity of all tax-relevant data of an invoice. The BCAT must therefore also contain sufficient information to corroborate the integrity and authenticity of all tax-relevant data. (iii) The BCAT must in addition to being complete also consist of components that are demonstrably reliable. Data cannot be evidence of the reliability of an invoice if it is not demonstrably reliable itself. For most self-generated BCAT evidence, this means proving internal control measures at the time of the supply. For externally-generated BCAT evidence, access to that third party s portal could be sufficient. Such evidence may also be reliably electronically signed, or be presented together with historical transport and archive security data. (iv) Member States are free to have their own technical, security and other archiving requirements, and different mandatory archiving periods apply throughout the EU. Invoices sent or received under the VAT law of an EU Member State must be physically stored in either the country whose law applies or another Member States. (v) The electronic invoice must be accessible online from the country whose VAT law applies to that invoice; this is a legal rule in case of archiving abroad, and a practical consequence of the applicable rules in all other cases. Where a Member State has opted to require the evidence guaranteeing integrity and authenticity in electronic format when the invoice is electronic, the above equally applies to the relevant BCAT. Figure 1 compliance choice diagram for companies with major trading relationships in the EU. (BCAT=Business Controls-based Audit Trail; T=trading partner) Businesses should simply ask themselves two simple questions for any invoice: 1. Can I and my trading partner prove integrity and authenticity without any additional controls or evidence? 2. If not, what is the evidence deficit and how can we cost-effectively remedy it? What is cost-effective varies tremendously depending on circumstances. Every company and trading relationship is different. The chart below presents a choice diagram that can help with these choices. E-INVICING MARKET GUIDE E-INVICING MARKET GUIDE 2012

31 Value Added Services for e-invoice Service roviders How to move up the value added chain by Roel Crooijmans, Co-Founder, RefDex RefDex has been established to provide Electronic Directory Services to existing Data & Directory ublishers and Users. We not only specialise in the Build, Data Loading and Maintenance of existing directories but more importantly the development of these directories into major value added online services for specific industry sectors. In the recent past Roel Crooijmans started a successful e-invoice integration business and helped out several major players in the (e-)document solutions industry with his expertise on Strategy and Business Innovation. Now one of the founding partners of RefDex trying to take the e-invoice market to the next level with value added services. Case discription RefDex and its principals have been designing and building directories and repositories for the international financial industry for the past twelve years. RefDex s latest project is the construction of the centralized management system and repository for the Irish Banking Community for SEA Direct Debit Credit Identifiers for Irish corporates. RefDex has a repository of validation tools that are widely used by some of the worlds largest institutions. As an example, one of the worlds largest banks uses these tools to provide payment validation, reference data checking and payment instruction enrichment to its top 500 corporate clients. The emphasis on providing their clients with this level of validation intelligence significantly improves straight through processing and dramatically reduces costs. How does it work? ER & E-Invoice Content Validation & Repair In order to understand the level of requirements for this service we, for example, carried out an audit just for correct VAT references and payment details for a European supermarket chain on: 14,000 invoices from 28 different suppliers from 25 different countries. The results were remarkable: more errors than invoices! Considering that errors in tax reporting and bank account coordinates have cost and liability issues relating to the value of the invoices, there is a clear need for these checks to be carried out. When you then factor in (i) reducing the risks of paying fraudulent invoices and (ii) the benefits of further checks that the invoice has been correctly formulated the overall benefits in providing these services can be directly linked to the value of the invoices not just to the number of invoices processed. 1. ER Content Validation & Repair There are various reference data elements that should be considered for validation and/or repair within an organisation s ER E-INVICING MARKET GUIDE E-INVICING MARKET GUIDE 2012

32 system e.g.: b. which fields, if any, are mandatory. The quality of the data in these fields will depend upon: a. what effective controls are in place to ensure that the content of specific fields correspond to the type of data that is inputted? b. what processes exist to ensure that data is updated to reflect changes reported by the supplier\client? The ability to check the content of the various fields will depend upon: a. the presence of all the necessary fields required for the validation of, say, the VAT and bank account details. The fields required will depend upon the checks being made. For example, if the country is missing then no validations are possible. B. Content Check Checks are made against each field to ensure: a. Whether any data is present. b. If present, whether the data conforms to the length and structure for that data for that country. c. Whether the VAT number or bank account coordinates are actually current. All these checks result in a binary valid\invalid result. C. Content Repair Content can be repaired\updated using a mixture of automated and manual processes as follows: a. rovided all the necessary coordinates are present and correct, then BBANs can be converted to BIC plus IBAN within SEA. b. For missing and/or incorrect data, it will be necessary to either (a) contact the client\supplier or (b) cross-reference invoices received from the supplier (see Level 2 Checking of e-invoices below). Supplier Name Supplier Registration Number and\or Tax Code Supplier VAT number Supplier Banking Coordinates The data extracted would consist ideally of: Supplier Name Supplier Number\Reference VAT Number\Tax Code Banking Coordinates Country However, before any repairs are carried out, it is necessary to agree with the client what business rules apply to making changes and assumptions to the data that appears to be incorrect or is missing. 2. E-Invoice Content Validation N.B. It is important to note that the content of e-invoices cannot be repaired. These are legal documents issued by 3rd parties and cannot be changed; simply returned with a request for amendment. What can be done however is for the contents to be checked and either invoices with discrepancies flagged and/or exception reports generated detailing the discrepancies found. The process is as follows: A. Data extraction from the e-invoice The fields to be checked are pre-determined and as the invoices are processed, the contents of the relevant fields are extracted and fed into a database for checking. This would be carried out on an inter-day batch basis. The validation of these ER data elements essentially consists of the following steps: A. Data extract from the ER system. Initial checks are typically: a. VAT numbers\registration Number b. Bank account coordinates The content of these data extracts will depend upon: a. which fields exist in the ER system. Ideally the extract should provide, for each invoice data from the following fields: Supplier Number\Reference Invoice Number Invoice Date Invoice Amount rder Number(s) Supplier VAT Number E-INVICING MARKET GUIDE E-INVICING MARKET GUIDE 2012

33 Banking Coordinates (the fields required will depend upon the country and whether BBANs or IBAN plus BICs are being used) Country Level 1 Checking Similar to the checking of the ER system, the contents are then checked for: VAT Number Banking Coordinates As can be seen the bulk of this checking of e-invoice content would be automated. However, it is likely that in a first instance there would be much more manual checking to ensure that: a. A Supplier is including all the relevant data in the correct fields. b. The e-invoice conversion process is working correctly. c. The data held in the ER system and that shown on the invoice match (changes may have occurred since establishing the relationship which have not been captured within the ER system). For more information on Value Added Services or to find out what more RefDex could do for your organisation, do not hesitate to contact us! a. Whether any data is present. b. If present, whether the data conforms to the length and structure for that data for that country. Roel Crooijmans E mail: [email protected] hone: +31 (0) Skype: roel.crooijmans : Level 2 Checking If a company specific reference database can also be constructed including: Supplier Name Supplier Number VAT Number Bank Coordinates rder Number rder Value (plus any value of any part deliveries already made) The format validated contents are then checked against the records held for that supplier and that order in the customers own ER system to help reduce errors resulting from order errors and fraud. Where details are reported in a valid format in the e-invoice but do not match those held in the ERE system (or where the ER system does not contain this information), a separate section of the report would be generated to allow for either the updating of the ER system or contacting the supplier concerned to check which details are valid. INSIGHTS IN THE WRLD WIDE E-INVICING ECSYSTEM B. Report Generations Ideally, the report should show: Invoice Number Supplier Number\Reference Invoice Date Amount rder Number(s) Error Message (showing why this invoice is flagged in the exception report) E-INVICING MARKET GUIDE E-INVICING MARKET GUIDE 2012

34 @UK LC UK Local rdering,, ayments CMANY RFILES 1eEurope Switzerland Regional Supply chain, 20/20 vision Europe The Netherlands Local,, Contracting, rdering, ayments 2C change Denmark Local Reseller, 68 E-INVICING MARKET GUIDE 2012

35 AC Camerfirma SA Spain Regional E-invoicing services provider CMANY Name Accept ww.accept .com E-billing & ayment Service rovider Amsterdam, The Netherlands Contracting, rdering,, ayments In which market do you provide your services? Contact details Active since description Mr.J. Kwakernaak CE Accept provides a comprehensive B2C e-billing & payment service (SaaS) based on and mobile media. Accelya Spain Keywords MARKETS Accept is suitable for initial invoices, bounced direct debits or collection of outstanding payments and is used by large companies and SMEs in utilities, telecom, insurance, retail, publishing, travel and government. e-billing, e-invoicing, e-bill, e-invoice, , payment, credit management, invoice-to-cash Which side in the supply chain is your primary target group? B2B, B2C and/or B2G (Government)? Target customer Suppliers B2C, G2C, B2sB Corporates, Governments Are you specialized in a certain industry? It is a cross industry service with many customers in sectors Accounting laza The Netherlands Europe E-invoicing services provider RSITIN Which processes in the supply chain do you facilitate? such as: Insurance Telecom Utilities Ticketing Charity Education Internet ublishers Government Retail and collection phase of the invoice-to-cash process Support interoperability with other service providers? Yes, we have interoperability with BSs, Ss and Financial Institutions Which pricing model do you mainly use? Solution description Subscription, transaction based In a 3-click process bills can be paid without manual data (re) entry, resulting in a faster and error-free payment process for both billers and customers. Real-time generated images ACI WRLDWIDE convey dynamic information about the current status of a payment in the original . Accept also supports direct marketing, credit management (reminders) and smart SEA Direct Debit notifications., ayments SERVICES urchase rder Flip Matching of related transactions Distribution of e-invoices Invoice presentment portal Yes, bill presentment portal is available via partners Legal compliance tools Yes, our partnership with TrustWeaver ensures legal and fiscal compliance of electronic invoices in more than 40 countries. E-INVICING MARKET GUIDE E-INVICING MARKET GUIDE 2012

36 TAX/VAT compliance yes, via TrustWeaver in over 40 countries e-signature service Yes, also via TrustWeaver Finance & (reversed) factoring services (Dynamic) discounting Yes, the platform offers features for dynamic discounting, open account trading and donations e-archiving Yes, depending on billers requirements this service is available Scanning of paper invoices Yes, this feature is integrated in the Accept platform by fulfillment partners Total invoice management, 100% paper to electronic Yes, this feature is disclosed in the Accept platform by fulfillment partners rinting Yes, this feature is integrated in the Accept platform by various partners Workflow functionality Yes, this feature is integrated in the Accept platform Direct integration with payments Yes, the platform integrates directly or via a partner S to any online payment method: debit card, credit card, online or mobile banking Accounts ayable management Accounts Receivable management Yes, all aspects of Accounts Receivable management can be facilitated. Integration with ER /accounting software Yes, we provide a number of standard links, a Java and.net toolkit for integration with ER / Accounting software. Which standards do you support? Accept is suitable for billers in a B2C, B2sB or G2C environment. Conversion from or into various XML formats Yes, we can convert any to any format including XML to XML Content validation of incoming invoice data Facilitate customer onboarding Yes, customer onboarding is extremely simple as Accept is a non-intrusive push mechanism. ther services management reporting, trend analysis E-INVICING MARKET GUIDE E-INVICING MARKET GUIDE 2012

37 Acom Solutions AdValvas Europe Belgium Europe, ayments AddComm The Netherlands The Netherlands Biller Adyen The Netherlands Multi-channel payment service provider, ayments Aderant North America North/Latin America, Europe, Asia/ acific AFI Germany Europe Suppliers ADESLIN France France Akritiv Technologies ayments E-INVICING MARKET GUIDE E-INVICING MARKET GUIDE 2012

38 Anachron B.V. The Netherlands North/Latin America, Europe CMANY Name Ariba E- software vendor EMEA HQs: Ariba UK Ltd, Baronsmede - 20 The Avenue, rdering, ayments In which market do you provide your services? Contact details Egham, Surrey, TW20 9AB, hone: +44 (0) Ron Frederiks, [email protected], UK: +44 (0) A/Canada: , Benelux: +31 (0) Nordics: , Germany/Austria: , Switzerland: AI utsourcing Active since description Iberia: , Italy: France: +33 (0) Ariba, Inc., is the world s business commerce network. Ariba solutions for invoice automation include scanning, workflow and smart invoicing, which features the most robust set of validation rules for ensuring compliance to processes, contracts and preferred suppliers. Dynamic discounting with Keywords Ariba also helps buyers and suppliers manage their cash better. e-invoicing, smart invoicing, dynamic discounting, A automation, invoice scanning, invoice workflow Aria Systems Biller MARKETS Which side in the supply chain is your primary target group? B2B, B2C and/or B2G (Government)? Target customer Both B2B, B2G Micro SME s, SME s, Corporates Suppliers Are you specialized in a certain industry? Broad industry coverage, including consumer goods, distribution, financial services, healthcare and pharmaceutical,, ayments manufacturing, oil and gas, public sector, publishing, retail, services, telecom, utilities, among others RSITIN ASE Ebner & artner GmbH Austria Europe Which processes in the supply chain do you facilitate? Support interoperability with other service providers? Which pricing model do you mainly use? Sourcing, Contract Management, Catalogs, Automation, Supply chain, Invoice Automation, ayments Yes. Designed as an open network, the Ariba Network has interoperated with other business networks for over a decade. Two-sided business model offering value to buyers and Supply chain, Solution description suppliers through subscription pricing model (buyers) and value-based pricing (suppliers.) Ariba smart invoicing features 70+ user-configurable business rules with no coding required to drive invoice validation and matching before invoices post to A/ER back office systems. Ariba s solution provides and invoice automation, supports VAT compliance in countries representing over 90% of EU GD, and enables dynamic discounting. E-INVICING MARKET GUIDE E-INVICING MARKET GUIDE 2012

39 SERVICES rinting Mass printing solution, where supplier originals are archived urchase rder Flip -Flip, a registered Ariba trademark, is a solution strength, helping suppliers create-submit electronic invoices from 0s to in electronic format; buyer invoices are printed-sent to their physical addresses. ensure compliance. Workflow functionality Ariba offers user-configurable electronic workflow designed Matching of related transactions Ariba can match invoices to s, to contracts, and goods receipts to effectively support 2-way, 3-way, and 4-way specifically for invoice approvals, and features 2-way, 3-way, 4-way matching, and multi-dimensional reporting. matching. Direct integration with payments Ariba offers a cloud-based solution for processing payment Distribution of e-invoices Ariba supports delivery of e-invoices through the Ariba/ types such as ACH, remittance sharing, and p-card settlement. Quadrem/b-process networks, via EDI networks, and other networks based upon customer request. Accounts ayable management Ariba automates management of and non- invoice processing and provides dynamic discounting capabilities to Invoice presentment portal Ariba s portal supports invoice presentment and provides better manage cash. suppliers with valuable invoice and payment status in real time. Accounts Receivable management Ariba s outbound invoicing solution offers 3 options for invoice Legal compliance tools Ariba works closely with partners such as KMG and delivery: EDI, push demat, and mass printing of paper invoices. TrustWeaver to ensure support for country-specific rules/ regulations that govern e-invoicing. Integration with ER /accounting software Ariba offers open adapters that integrate with and extend any ER or financial system for e-invoicing and dynamic TAX/VAT compliance Ariba supports withholding tax and common discounting. indirect tax methods such as VAT, GST, and ST. Which standards do you support? Any structured data format (input and output) such as X12, e-signature service Ariba provides e-signatures for all European Union countries IDC, EDIFACT (all industry versions), XML, CSV, etc that allow e-signatures to prove invoice authenticity and integrity. Conversion from or into various XML formats Support conversion from-to any XML format. Finance & (reversed) factoring services Ariba offers supply chain finance and receivables financing through partnerships. Content validation of incoming invoice data Unparalleled invoice validation through 70+ user-configurable business rules that allow customers to achieve 98%+ touchless processing rates. (Dynamic) discounting Ariba offers dynamic discounting and consulting expertise to help organizations achieve savings of $2 million+ per $1 billion in spend. Facilitate customer onboarding Ariba offers self-service supplier enablement automation tools and a team of supplier enablement experts to enable supplier onboarding. e-archiving Ariba allows customers to download invoices into their servers/e-archival systems or automatically archive invoices with a third-party service provider. ther services Sourcing, contract management, catalog management, e-procurement, spend management, analytics, master data management, consulting and implementation Scanning of paper invoices Ariba offers an Invoice Conversion Service that converts paper to electronic format and drives high-volume paper invoice suppliers to e-invoicing. Total invoice management, 100% paper to electronic Ariba can capture and manage 100% of invoices, whether scanned via paper, submitted as electronic, or processed via F&A B. E-INVICING MARKET GUIDE E-INVICING MARKET GUIDE 2012

40 Atos Worldline France Supply chain,, ayments Aurionro India Supply chain finance specialist Supply chain,, ayments AuthentiDate Suppliers Automatic Data rocessing Supply chain,, ayments E-INVICING MARKET GUIDE E-INVICING MARKET GUIDE 2012

41 Axway Biller CMANY Name B2Boost E- service provider Brussels - Belgium In which market do you provide your services? Contact details Active since description Mr Gilles Collet, General Manager, [email protected], B2Boost is a Integration Service rovider specialising in Business Transaction Management. B2Boost enables B2BE Australia Europe, Asia/acific E-invoicing services provider Keywords MARKETS business partners to optimise their B2B collaboration and transactions by automating their data exchanges acro ss the rd er to Cash and urchase to ay cycles. E- is one of the key services delivered by B2Boost. E-; B2B; Cloud; Supply Chain; EDI; ortal; Reporting; Archiving Which side in the supply chain is your primary target group? B2B, B2C and/or B2G (Government)? Target customer Suppliers B2B Large and mid-sized companies Are you specialized in a certain industry? Consumer Goods, Entertainment, Retail, Telecoms and B4Value Germany Germany E-invoicing services provider RSITIN Which processes in the supply chain do you facilitate? Technology industries Full Financial Supply Chain: Catalogues, rder, Shipping Notices, Invoices and ayment Suppliers Support interoperability with other service providers? Which pricing model do you mainly use? Subscription & Transaction based Solution description B2Boost delivers sophisticated B2B E- solutions to both invoice issuers (AR) and invoice recipients (A), as a service. ur value added E- services include Customised E- Web ortals; Electronic Digital Signature; Archiving; Advanced BancTec North/Latin America, Europe E-invoicing services provider SERVICES urchase rder Flip Business Intelligence and Reporting; And Legal Compliancy., ayments Matching of related transactions Distribution of e-invoices Invoice presentment portal. By connecting to B2Boost, suppliers can easily access all organisations within own and partner networks (ver 550,0000 Active Buyer/Suppliers).. rovision of white labelled portal, adapted to fit your businesses look and feel. Caracteristics include 24/7 access to invoices, other related documents and e-archives; E-INVICING MARKET GUIDE E-INVICING MARKET GUIDE 2012

42 Ability to manage and configure account online (e.g. Which standards do you support? B2Boost supports virtually any format, including UN/CEFACT user profiles and push mail); And access to dynamic CII, IS20022 Financial Invoice, UBL 2.0, AGIS XML, ANSIX12, BI and reporting tools based on invoice data. Tradacom and Edifact Legal compliance tools. Solution fully compliant across Europe as well as in other Conversion from or into various XML formats. B2Boost supports conversion from and to any XML formats countries on demand. Compliancy ensured in the following ways: Content validation of incoming invoice data. B2Boost collects and carries out customisable data - E- solution designed and audited by wc validation checks on invoices, debit notes/credit notes as well - B2Boost is audited according to ISAE 3402 as on other extracted attachments - artner with world leaders in EDI, trust and security fields - Advisory contracts with wc and Billentis Facilitate customer onboarding. B2Boost provides a specific customer onboarding package (processes and tools) which can either be managed by TAX/VAT compliance customer or outsourced to B2Boost e-signature service. Integral part of B2Boost s standard E- solution. ther services B2B Integration and Messaging; EDI; Business Intelligence and Reporting; Advanced Customised ortals Finance & (reversed) factoring services (Dynamic) discounting e-archiving. Invoices and other related documents are timestamped, signed and archived for legally required period Scanning of paper invoices Total invoice management, 100% paper to electronic. Upon request, 100% of invoices are outsourced to B2Boost who then work to convert a maximum of partners to E- rinting. Where required, the invoice is transmitted to a production facility where documents are processed and put into the postal stream within 24 hours. A detailed, multi-layered Workflow functionality. Additional custom business rules and processes can be implemented on request. insight into the global Direct integration with payments Accounts ayable management. ayment files can be provided and reconciliated with corresponding invoices. e-invoicing market Accounts Receivable management Integration with ER /accounting software. B2Boost service includes standard connectors with most ER s and accounting software packages. Additionally, B2Boost delivers ad hoc integration on request. E-INVICING MARKET GUIDE E-INVICING MARKET GUIDE 2012

43 CMANY Name In which market do you provide your services? Basware yj E- service provider Finland Integration with ER /accounting software Which standards do you suport? Conversion from or into various XML formats Content validation of incoming invoice data Facilitate customer onboarding ver 50 XML formats supported Contact details Active since 1985 description Basware is the global leader in cloud based e-invoicing and purchase-to-pay solutions with more than 1,000,000 users in over 60 countries. Basware s B2B Cloud solutions and services provide an open, secure and global ecosystem for buyer and supplier collaboration, connecting more than 1.9 million buyers and suppliers globally. MARKETS Which side in the supply chain is your primary target group? Both B2B, B2C and/or B2G (Government)? B2B, B2C, B2G RSITIN Which processes in the supply chain do you facilitate? Catalogs, rocurement messages, Electronic invoices, Supplier on-boarding, Suppplier ortal, Scan & Capture, Invoice Automation Solutions, Electronic Archiving, Sourcing, Contract Life Cycle Management Support interoperability with other service providers? Yes Which pricing model do you mainly use? license, SAAS, transaction based SERVICES urchase rder Flip Matching of related transactions Distribution of e-invoices Invoice presentment portal Legal compliance tools TAX/VAT compliance e-signature service Finance & (reversed) factoring services (Dynamic) discounting e-archiving Scanning of paper invoices Total invoice management, 100% paper to electronic rinting Workflow functionality Direct integration with payments Accounts ayable management Accounts Receivable management the e-invoicing industry exposed: a comprehensive overview, clearly structured E-INVICING MARKET GUIDE E-INVICING MARKET GUIDE 2012

44 Bill4Time Biller Bank of America Merrill Lynch (BofA Merrill) Bank, ayments ayments Billexco Switzerland Switzerland Batelco Bahrain Bahrain Biller Suppliers ayments BillFloat Biller Benefitfocus Biller Buyers ayments, ayments BillingTree Biller Bill.com Biller, ayments, ayments E-INVICING MARKET GUIDE E-INVICING MARKET GUIDE 2012

45 Billtrust Biller Bonpago Germany Germany Supply chain finance specialist Buyers Supply chain,, ayments Bluem.nl The Netherlands Netherlands E-invoicing services provider Bottomline Technologies ayments, ayments Blueay Biller BQE Software ayments, ayments BNY Mellon Treasury Services E-invoicing services provider Brain² Belgium Belgium Supply chain finance specialist, ayments Supply chain,, ayments E-INVICING MARKET GUIDE E-INVICING MARKET GUIDE 2012

46 CMANY Name BRICA - BANKSERVICE E- service provider, Bank, Bulgaria Integration with ER /accounting software Conversion from or into various XML formats Content validation of incoming invoice data Facilitate customer onboarding In which market do you provide your services? Local - Bulgaria Contact details Mr. Bogdan Stavrev, Marketing and sales expert, [email protected], Active since 2007 description BRICA BANKSERVICE AD is a joint-stock company owned by the Bulgarian National Bank and the commercial banks in the country. The company satisfies the needs of its shareholders and customers meeting and maintaining high standards for quality, reliability and security. MARKETS Which side in the supply chain is your primary target group? Suppliers B2B, B2C and/or B2G (Government)? B2B, B2C, B2G Target customer micro SME s, SME s, Corporates Are you specialized in a certain industry? Generic (no specific industry), Automotive, Chemicals, Electro Technical, Fast Moving Consumer Goods, Government, harmaceutical, Retail, Utilities, Telecom, other (specify) RSITIN Which processes in the supply chain do you facilitate? rdering, Supply chain,, ayments Support interoperability with other service providers? Which pricing model do you mainly use? subscription, transaction based, pre-paid SERVICES urchase rder Flip Matching of related transactions Distribution of e-invoices Invoice presentment portal Legal compliance tools TAX/VAT compliance e-signature service Finance & (reversed) factoring services (Dynamic) discounting e-archiving Scanning of paper invoices Total invoice management, 100% paper to electronic rinting Workflow functionality Direct integration with payments Accounts ayable management Accounts Receivable management number one market guide for billers E-INVICING MARKET GUIDE E-INVICING MARKET GUIDE 2012

47 Buzón E Mexico Mexico CMANY Name Causeway Technologies E- and E-Trading service provider,, Comino House, Furlong Road, Bourne End, Buckinghamshire, In which market do you provide your services? Contact details SL8 5AQ. UK. International, including: UK, Ireland, Middle East, Asia/acific, North America, Australia Ms Abby Griffiths, Marketing Department, T: , E: [email protected] Active since 1999 Cegedim France France description Keywords Causeway is an international software provider. Solutions include the Tradex e-trading service as well as a wide range of applications supporting the complete life cycle of the built environment. Tradex is an electronic document exchange service, which transfers trading documents, such as invoices and orders between supply chain partners. E-, E-Trading, B2B, EI, Roll ut, EDI, Data Exchange, 2 MARKETS Which side in the supply chain is your primary target group? Buyers and Suppliers B2B, B2C and/or B2G (Government)? B2B Ceridian Target customer Are you specialized in a certain industry? RSITIN Which processes in the supply chain do you facilitate? Corporates, SME s, micro SME s All sectors. Large community within construction sector. rdering, Acknowledgements, Delivery, Invoices, Credits, Remittance Advice, Statements and any other B2B transaction documentation., ayments Support interoperability with other service providers? Which pricing model do you mainly use? This is fully supported. FREE options for low volume users. Annual licence + transaction charge. For integrated users, Solution description Tradex is a highly functional shared ebusiness platform for Cforia Software Europe, North/ Latin America buyers and suppliers. Tradex supports open connections with other services and all document types. Companies can use a free on-line portal or full integration with their back office application. Flexible business process controls automate the validation and matching processes and provide configurable rdering,, ayments SERVICES urchase rder Flip reports and workflow options. Yes. Full or part invoicing using data enhances user value, data accuracy and supplier adoption. Matching of related transactions Yes. Configurable rules can be used to cross match between documents and to enhance document validation and contents. E-INVICING MARKET GUIDE E-INVICING MARKET GUIDE 2012

48 Direct integration with payments Yes: it is supported CMANY Name Celtrino Accounts ayable management competitive area e- service provider Accounts Receivable management competitive area In which market do you provide your services? Ireland Europe Integration with ER /accounting software competitive area: the CBI e-invoice service is flexible and interoperable with other standards Contact details Active since Ken Halpin, Managing Director, Which standards do you support? It is based on UN/CEFACT CII and IS20022 Financial Invoice but it is also interoperable with other standards description Celtrino is a well-established provider of hosted supply chain management and electronic invoicing services to businesses across Europe and the rest of the world from its headquarters Conversion from or into various XML formats competitive area in Dublin, Ireland. Building upon more than 200 years experience in supply Content validation of incoming invoice data competitive area chain automation, Celtrino staff develop and supply services designed to improve the workflow, efficiency and profitability Facilitate customer onboarding competitive area Keywords of their customers. e-, supply chain management, e-billing, EDI, accounts ther services competitive area ayable automation, Accounts receivable automation, EL, Supply chain automation MARKETS Which side in the supply chain is your primary target group? Both B2B, B2C and/or B2G (Government)? B2B, B2G Target customer SME s, Corporates Are you specialized in a certain industry? FMCG, Government, harmaceutical, Retail, Food Services, RSITIN Which processes in the supply chain do you facilitate? rdering, Supply chain, Support interoperability with other service providers? The Celtrino latform is connected to many other service Which pricing model do you mainly use? providers via a variety of standard protocols Subscription, Trascaction based Solution description Celtrino Express is part of a family of Smart Admin platform services that deliver immediate sustainable business benefits across your trading cycle with customers and suppliers. You can easilycreate and manage trading partner communities safe in the knowledge that user satisfaction and commercial confidentiality are assured. SERVICES urchase rder Flip Create invoices from s and from other document types Matching of related transactions Ability to match any document type against one or more document types and related information. E.g. invoices against s. E-INVICING MARKET GUIDE E-INVICING MARKET GUIDE 2012

49 Distribution of e-invoices Celtrino supports 3 corner and 4 corner distribution models using a variety of industry standard communications methods Integration with ER /accounting software Celtrino solutions are integrated with many 3rd party business applications to eliminate rekeying and back office application customisation. Invoice presentment portal Celtrino presents invoices and related documents in a variety of formats to suit human and computer consumption. Which standards do you support? Celtrino solutions support all the leading international formats mentioned including legacy EDIFACT and TRADACMS. Legal compliance tools Software implemented processes including validation against national regulations. Conversion from or into various XML formats Celtrino solutions comprise sophisticated mapping and data enhancement to suit every business need. TAX/VAT compliance Detailed research undertaken to identify and comply with range of national legislative requirements including long term archiving. Fully compliant with EU regulations. Content validation of incoming invoice data Celtrino solutions can validate all invoice according to buyer specified and standard business rules. e-signature service Support advanced electronic signature etc. Facilitate customer onboarding Celtrino has a comprehensive range of tools for community onboarding and management. These are applicable to customer Finance & (reversed) factoring services artners sought. and supplier communities. (Dynamic) discounting Software infrastructure in place. ther services Services are focused on business process improvements for best practice supply chain management of trading partners. e-archiving e-archiving and with on demand search & retrieval in various formats to meet different requirements. Scanning of paper invoices Scanning is supported directly via 3rd party systems and specialist service providers Total invoice management, 100% paper to electronic Celtrino delivers total invoice management services in partnership with specialist regional print and post service providers. Including migration services. rinting All stored documents and reports can be printed. Invoices for print and posting are serviced by specialist partners. Workflow functionality Celtrino solutions include workflow for exception based intervention across distributed environments and manual checks where required. Direct integration with payments Celtrino e-payments modules produce SEA payment instructions for Accounts Receivable and Accounts ayable. Accounts ayable management Celtrino goal is to help buyers achieve 100% straight through processing without modifying back office applications. Accounts Receivable management We help suppliers minimise delays and costs associated with billing and debt settlement whilst complying with buyer specific demands. E-INVICING MARKET GUIDE E-INVICING MARKET GUIDE 2012

50 CMANY Name In which market do you provide your services? Contact details Active since description Certipost nv/sa e- Service rovider Belgium Europe Katrien Busschaert, Head of Marketing, Certipost develops total solutions managing document flows and digital identities. We deliver daily thousands of invoices and other administrative documents. Electronic documents can be delivered on paper and vice versa. utstanding service delivery is our starting point to deal with the complexity of implementation, integration and roll-out of your projects. MARKETS Which side in the supply chain is your primary target group? B2B, B2C and/or B2G (Government)? both B2B RSITIN Which processes in the supply chain do you facilitate? Support interoperability with other service providers? Which pricing model do you mainly use? rdering, Supply chain, yes license, subscription, transaction based SERVICES urchase rder Flip Matching of related transactions Distribution of e-invoices Invoice presentment portal Legal compliance tools TAX/VAT compliance e-signature service Finance & (reversed) factoring services (Dynamic) discounting e-archiving Scanning of paper invoices Total invoice management, 100% paper to electronic rinting Workflow functionality Direct integration with payments Accounts ayable management Accounts Receivable management Integration with ER /accounting software Which standards do you support? Conversion from or into various XML formats Content validation of incoming invoice data, any E-INVICING MARKET GUIDE E-INVICING MARKET GUIDE 2012

51 Facilitate customer onboarding Direct integration with payments Accounts ayable management Accounts Receivable management Integration with ER /accounting software Conversion from or into various XML formats Content validation of incoming invoice data City Invoice Finance UK UK Facilitate customer onboarding, ayments ClearBIZZ The Netherlands The Netherlands Biller Click2ay INDTRY INSIGHTS FRM T LAYERS IN THE E-INVICING SERVICES MARKET Buyers, ayments Client Computing Norway Norway E-INVICING MARKET GUIDE E-INVICING MARKET GUIDE 2012

52 CLI E-billing services provider CMANY Name Consorzio CBI Consortium of Financial Institution (Italian banks, oste Italiane, Cartalis) In which market do you provide your services? Contact details Active since Italy Italy Consorzio CBI - iazza del Gesù, Roma (Italy); ph ; mail: [email protected] 2001 description Consorzio CBI develops certified standards and defines a Comarch oland oland Keywords reference regulatory framework, which allows his members (680 Financial Institutions) to provide their clients (over 900,000 enterprises and public administrations) with innovative services, either in the collection and payment area (SEA compliant), or in the document management area (e.g. e-invoice), according to main international standards (e.g. IS 20022). corporate banking, e-invoice, e-billing, financial services, MARKETS standardization body Which side in the supply chain is your primary target group? Buyers and Suppliers Communication Intelligence Corporation (CIC) B2B, B2C and/or B2G (Government)? Target customer Are you specialized in a certain industry? RSITIN B2B, B2C, B2G Consumers, micro SME s, SME s, Corporates Generic (no specific industry) Which processes in the supply chain do you facilitate? Supply chain finance,, ayments, Reconciliation of order Support interoperability with other service providers? Which pricing model do you mainly use? CBI Consortium takes part in several international standard working groups (EC STF, CEN e- WGs, UN/CEFACT Supply Chain DA, IS SEG and RMG, IFA, CGI). Consorzio CBI defines communication protocols and standards, Controlay The Netherlands Europe, Supply chain finance specialist Solution description while each single financial institution (CBI s Member) develops its own IT platforms and applicative solutions in its competitive area defining also the pricing model. The CBI e-invoicing services are characterized by relevant features, such as, ayments, Supply Chain IS XML compliance Multi-standard format System information on the transmission status Faster request elaboration Data security/integrity and quality The CBI e-invoice standard is based on a double layer approach, with two main information blocks: E-INVICING MARKET GUIDE E-INVICING MARKET GUIDE 2012

53 Solution description - The header contains only the summary information about the Distribution of e-invoices Yes. Tradex supports e-invoice distribution in data and DF invoice (not the entire document), comprising necessary data formats as required. for the bank to grant its financing - The body contains detailed commercial information about Invoice presentment portal Yes. Tradex provides a functionally rich portal that can be used the invoice by buyers and suppliers to manage transaction processing. SERVICES Consorzio CBI develops innovative services regarding e-; in particular, value added services have been introduced to help banks develop advanced offers to their clients. n this common base, each single bank can develop value added and distinctive services in its competitive space: for example, the reconciliation service, or the support in the dispute process between seller and buyer, or the electronic archiving to ensure the legal validity of e-invoices. So Consorzio CBI doen t offer directly the e- service, because CBI architecture is based on a shared model, where the CBI Consortium defines communication protocols and standards, while each single bank develops its own IT platforms and applicative solutions in its competitive area. urchase rder Flip competitive area Matching of related transactions competitive area Distribution of e-invoices competitive area Invoice presentment portal competitive area Legal compliance tools TAX/VAT compliance e-signature service Finance & (reversed) factoring services (Dynamic) discounting e-archiving Yes. Tradex business rules can be used to ensure specific complicance criteria are met. Yes. Tradex supports multiple VAT and Tax options for national and cross border e-. This can be supported if required. Yes. A supplier finance solution is available and integrated with the einvoice exchange. This is planned as part of the finance solution. Yes. An archive output is a standard option and can be provided in XML or DF formats as default. Legal compliance tools Yes: it is supported Scanning of paper invoices Yes - through a partner. TAX/VAT compliance Yes: it is supported Total invoice management, 100% paper to electronic Yes, using either portal or scanning options e-signature service Yes: it is supported rinting No, although we are able to route documents to a printing bureau. Finance & (reversed) factoring services Yes: Consorzio CBI has been the first submitting Italian organization to set standards for the Business Area Trade Workflow functionality Yes. Single or multiple tier options available. Services in the IS20022 Repository, lodging the Invoice Financing Request service (in November 2007) and the Creditor Direct integration with payments No, although we are able to route information to a payment ayment Activation Request (CAR) service (in September provider. 2010) Accounts ayable management Yes. Invoice details and status can be monitored on line with (Dynamic) discounting competitive area escalation options if required. e-archiving competitive area Accounts Receivable management Yes. Invoice details and status can be monitored on line with escalation options if required. Scanning of paper invoices competitive area Integration with ER /accounting software Yes. Full flexibility to integrate with back office applications. Total invoice management, 100% paper to electronic competitive area Which standards do you support? All. Common formats including XML, EDIFACT, Tradacoms, Flat rinting competitive area File and CSV. Workflow functionality competitive area E-INVICING MARKET GUIDE E-INVICING MARKET GUIDE 2012

54 Conversion from or into various XML formats Yes. A full mapping service is standard. Content validation of incoming invoice data Yes. Business rules can validate content for compliance, logic and user required content. Facilitate customer onboarding Yes. Tradex provides managed on-boarding for supplier and customer roll outs. ther services Training, Consultancy and related solutions, including: Document Management, Collaboration, Vendor Management Solutions and Carbon Management Software. A UNIQUE ERSECTIVE N THE WRLDWIDE E-INVICING, E-BILLING & supply chain finance market E-INVICING MARKET GUIDE E-INVICING MARKET GUIDE 2012

55 CNXERT Germany Germany Supply chain finance specialist CT TyMetrix Supply Chain, ayments Corcentric E-invoicing services provider, Supply chain finance specialist D Soft Belgium Belgium Supply Chain, rdering,, ayments Cortex E-invoicing services provider, Supply chain finance specialist Danske Bank Denmark Europe Bank Buyers Supply Chain, rdering,, ayments, ayments Crossinx GmbH Germany Europe DataCert North/Latin America, Middle East/Africa rdering, Supply chain, E-INVICING MARKET GUIDE E-INVICING MARKET GUIDE 2012

56 DataServ North/Latin America, Asia/acific Dimensys The Netherlands Europe E-invoicing services provider rdering, Supply chain,, ayments Descartes Direct Insite North/Latin America Supply Chain, rdering,, ayments, Contracting rdering, Supply chain,, ayments Deskom France Europe E-invoicing services provider DocuSign rdering, Supply chain,, ayments Deutsche Bank Germany Europe Bank doelegal North/Latin America Buyers, ayments, ayments E-INVICING MARKET GUIDE E-INVICING MARKET GUIDE 2012

57 doxo Dubai Trade ortal UAE UAE Suppliers Contracting, rdering, Supply chain,, ayments DXYLN Norway Europe Dycode Software Lithuania Lithuania Contracting, rdering, rdering,, ayments D-TRT Germany Germany E2open Supply chain finance specialist Supply Chain Dubai Islamic Bank UAE UAE Bank ebilling Italy Italy Biller Buyers, ayments E-INVICING MARKET GUIDE E-INVICING MARKET GUIDE 2012

58 CMANY Name In which market do you provide your services? Contact details Active since description ebillinghub E- service provider A [email protected] 2004 ebillinghub is the legal industry leader in e-billing, with proven solutions that help law firms quickly and effectively respond to client demand for electronic invoicing, resulting in significant increases in efficiency. Since 2004, we have delivered solutions to hundreds of customers including more than half of the AmLaw200 firms. Since July 2011, ebillinghub is part of Thomson Reuters. (Dynamic) discounting e-archiving Scanning of paper invoices Total invoice management, 100% paper to electronic rinting Workflow functionality Direct integration with payments Accounts ayable management Accounts Receivable management Integration with ER /accounting software Which standards do you support? Conversion from or into various XML formats Content validation of incoming invoice data Facilitate customer onboarding LEDES98B, LEDES 98BI, LEDES 2000, and LEDES XML Keywords e-billing, law firm invoicing, eletronic billing solution, legal e-billing, legal spend management, legal invoicing software, automated billing, online invoicing MARKETS Which side in the supply chain is your primary target group? Suppliers B2B, B2C and/or B2G (Government)? B2B Target customer Law Firm Billing Departments Are you specialized in a certain industry? Legal RSITIN Which processes in the supply chain do you facilitate? Support interoperability with other service providers? Which pricing model do you mainly use? Solution description SERVICES urchase rder Flip Matching of related transactions Distribution of e-invoices Invoice presentment portal Legal compliance tools TAX/VAT compliance e-signature service Finance & (reversed) factoring services, ayments Interoperability with law firm software providers and legal spend management providers. Subscription ebillinghub simplifies your e-billing process with a single portal to execute all of your e-billing needs. It then condenses the electronic billing process by integrating your time and billing software with multiple electronic billing vendors specified by your clients, ultimately helping you improve your bottom line. A detailed, multi-layered insight into the global e-invoicing market E-INVICING MARKET GUIDE E-INVICING MARKET GUIDE 2012

59 ebills & more Germany Europe Biller Ebuilder e-boks Denmark Europe EDI Converter The Netherlands The Netherlands Supply chain finance specialist Supply chain EB Electronic Bill resentment and ayment GmbH Europe EDICM UK rdering, Supply chain,, ayments ebpsource UK UK Biller egistics North/Latin America, ayments E-INVICING MARKET GUIDE E-INVICING MARKET GUIDE 2012

60 e-integration GmbH Germany North/Latin America, Europe Elform GmbH Germany Germany rdering, Supply chain,, ayments ekyona Belgium Belgium Endorsia Sweden Sweden Elavon Belgium North/Latin America, Europe E-size The Netherlands The Netherlands E-invoicing services provider, Supply chain finance specialist Suppliers rdering, Supply chain,, ayments rdering, Supply chain,, ayments Elemica North/Latin America, Europe, Asia/acific Supply chain finance specialist Esker North/Latin America, Europe, Asia/acific Supply chain rdering, Contracting,, ayments E-INVICING MARKET GUIDE E-INVICING MARKET GUIDE 2012

61 Ettl-Software KEG Austria Austria Evenex Denmark Europe rdering, Supply chain, Contracting, rdering, Supply chain, Eurobits Technologies Spain Spain ExxTainer Switzerland Europe Eurodata Germany Europe Factura Verde Romania Romania rdering, Supply chain, EUREDI France France First Businesspost GmbH www. 1stbp.de Germany Europe, E-INVICING MARKET GUIDE E-INVICING MARKET GUIDE 2012

62 First Data rdering, Supply Chain,, ayment CMANY Name In which market do you provide your services? Contact details Active since description Flinqer Cash and working capital management optimization Amsterdam, The Netherlands Regional (Europe) Reinier Weerman, CE, +31 (0) Flinqer is a fast growing network of companies that smartly tune timing of payments in order to become less dependent Fiserv North/Latin America, Europe Biller on banks. It s online platform automatically matches requested and offered discounts by business partners to pay outstanding invoices immediately. Members can see and act if immediate payment of outstanding invoices is more beneficiary than alternatives. It benefits cash rich companies by significantly better returns on cash at no risk, while it benefits their suppliers by increased grip on cash flow and lower working capital. Cash remains in the chain and circulates faster on conditions, ayments Keywords beneficial for everyone. cash management, working capital management, collaborative cash management, supply chain finance Formipe Software Sweden MARKETS Which market segments do you target? Flinqer targets larger, cash rich buyers and their suppliers, initially in Europe. These larger buyers typically have a relative high cost of good and spread supplier base. Flinqer s initial customer base was in construction and retail industries, but Which side in the supply chain is your primary target group? has expanded into other segments too. At Flinqer s platform, existing business partners tune the rdering, Supply chain,, ayments timing of payments at terms beneficiary for both. Therefore, both buyers and suppliers are targeted. RSITIN FreshBooks Canada Canada Which processes in the supply chain do you facilitate? While typical SCF solutions replace traditional financing with new financing methods, Flinqer s point of departure is that available cash can be distributed much smarter, more efficient and thus cheaper. Flinqer simply combines an everyday fact: companies allocating excess cash at low return for longer, inflexible terms at the one hand, while meanwhile, their business partners face high working capital at high cost and dependency. This causes a cash leak of billions outside supply chains, when instead, this cash could be used more efficiently for everyone. This problem is more topical than ever due to the current financial landscape. E-INVICING MARKET GUIDE E-INVICING MARKET GUIDE 2012

63 By better tuning cash flows in supply chains, cash will flow more effectively where it s needed most. Thus, using Flinqer reduces the need for financing, rather than replacing it. Like supply chain management optimizes flows of goods and reduces inventories, Flinqer optimizes cash flows through supply chains and reduces debts. All benefit. CMANY Name In which market do you provide your services? Contact details Fundtech FSC E-invoicing and E-payment service provider. UK Worldwide. Mr Richard Cogswell., [email protected] Which pricing model do you mainly use? Flinqer applies flat, low, monthly subscription fees. Active since +44 (0) Solution description Via Flinqer, suppliers and buyers can easily tune conditions for immediate payment of outstanding invoices. ffered discounts by suppliers are matched with required discounts by buyers for immediate payment. description Fundtech provides software and services to over 1000 banks and corporates worldwide. ur Accountis EI solution eliminates common barriers to e-invoicing entry e.g. trading network adoption and technology integration. ur services are free to the Buyer or Supplier s trading network and our In a click and at any moment, buyers can set a minimally required return (e.g. 9%) for paying their (automatically uploaded) approved payables immediately (instead of by Keywords E-invoicing Directory contains 300,000+ trading corporates. EI, A automation, e-invoicing, invoicing, ebilling, payments, invoice imaging, EDI original due dates). Similar, suppliers set a percentage they d offer to get their receivables paid immediately. Flinqer matches these offered and required discounts. It s very flexible conditions for immediate payments can be be set, changed and differentiated to all or some business partners at any time desired. This way, members can at any moment see what part of outstanding invoices can be settled instantly at conditions attractive enough and act accordingly. MARKETS Which side in the supply chain is your primary target group? B2B, B2C and/or B2G (Government)? Target customer Are you specialized in a certain industry? Buyers and Supliers B2B, B2C, B2G Corporates, SMEs, Government, Banks and Financial Institutions. Any industry. Flinqer is very easy and safe to use and does not require any software integration. When needed, it only takes a few minutes a week to use Flinqer. There s no associated risk since it only applies to invoices that were due anyway. Flinqer will introduce further solutions that radically optimise cash distribution within supply chains. RSITIN Which processes in the supply chain do you facilitate? Support interoperability with other service providers? rocurement, invoicing, billing, query management, payments, receivables, workflow solutions, document management, business process optimisation, dunning and online expenses. Accountis EI is an easy to use, compatible service that all suppliers and buyers will quickly adopt. Accountis EI works with any system across the supply chain and supports any-to-any formatting. Which pricing model do you mainly use? Consolidator service, SaaS (Software as a Service), licenced and white label for corporates and financial institutions. Solution description Accountis EI product offers full A and AR functionality and a comprehensive suite of e-invoicing, invoice automation, integrated payments and outsourced scan, print, post and capture services. ur solutions deliver value by improving operational efficiencies, providing compliance, lowering costs and days sales outstanding (DS). SERVICES urchase rder Flip Users can login to a secure portal to view an e-purchase order online, and create an e-invoice by simply flipping the. E-INVICING MARKET GUIDE E-INVICING MARKET GUIDE 2012

64 Matching of related transactions ur Invoice to ayment module enables 3-way line item Accounts ayable management ur A module automates your entire procure-to-pay process matching of invoices against purchase orders and goods from the creation of s to handling disputes and submitting received notes. payments. Distribution of e-invoices Integrates easily with your existing ER or invoicing software Accounts Receivable management ur AR module automates your entire accounts receivable systems to deliver compliant invoices via an online portal or as process from capturing e-purchase orders to collecting pay- DF attachment. ments. Invoice presentment portal We provide secure, intuitive and easy to use company branded Integration with ER /accounting software We provide VAT compliant, AR & A solutions that seamlessly portals for both AR and A. integrate with any existing ER or invoicing systems. Legal compliance tools Internal expertise, compliance statements and access to our Which standards do you support? UN/CEFACT CII, IS20022 Financial Invoice, UBL 2.0, any as partners Ernst & Young, KMG & WC. required. TAX/VAT compliance capability, experience and coverage worldwide. Conversion from or into various XML formats Document translation into DF, XML, ebxml, UBL, CSV, Excel Easy to implement in new territories, full guarantee on EI and EDI. Can support any requests. compliance provided. Content validation of incoming invoice data Yes in both AR and A. A includes supplier portal-based feed- e-signature service rovided as standard. Direct provision and via partners back on validation prior/post submission. Customer registra- dependent on the territory and current rules. Signing provided tion is also validated. as standard for trust and security of network. Facilitate customer onboarding Full onboarding support and management. Users immediately Finance & (reversed) factoring services Can be provided as extension to service either with own or 3rd access our growing E-invoicing Directory for faster party machanisms and processes. rollout across the supply chain. (Dynamic) discounting Can be provided - is a core part of the SME offering as well. ther services rofessional EI services - consulting, workshops, training. White label offering for Banks and financial institutions. n- e-archiving An electronic representation of each document is securely line expenses software. archived and stored for a period determined by the customer. Scanning of paper invoices We can receive and scan all inbound paper invoices and output the data directly into their ER or finance system. Total invoice management, 100% paper to electronic ur fully managed invoice imaging service enables you to make the immediate switch from paper to e-invoicing on day one. rovided through our international print & post providers or rinting through existing customer local or internal print options. ur Workflow services automate any manual business process Workflow functionality and are configured to suit your needs. We operate our own payments platform that supports Credit/ Direct integration with payments Debit cards, Direct Debits and Direct Credits (UK Bacs), SWIFT, CHAS and ayal. E-INVICING MARKET GUIDE E-INVICING MARKET GUIDE 2012

65 FTS Israel Israel Biller Fujitsu Technology Solutions solutions.ts.fujitsu.com Germany rdering, Supply chain, GHX Biller rdering, Supply chain,, ayments Digital ost Austria Austria E-INVICING MARKET GUIDE E-INVICING MARKET GUIDE 2012

66 Globys CMANY Name GXS Ltd. SaaS e-invoicing Consolidator Service, e- for Corporates, SMEs and Banks, Saas rocure-to-ay and SWIFT, ayments In which market do you provide your services? Contact details Service Bureau United States Nigel Taylor Marketing Director, Head of e- Solutions T: +44 (0) GS1 Netherlands The Netherlands Europe Active since description GXS Ltd. 18 Station Road, Sunbury on Thames, Middlesex. TW16 6SU. United Kingdom GXS is a global B2B e-commerce and integration services company. We deliver global B2B e-commerce integration to over 70% of Fortune 500 companies. Through the company s key offerings, GXS Trading Grid and GXS Managed Services, we enable simplified document exchange, enhanced supply Keywords chain visibility and streamlined communications with trading partners. e-billing, e-, B2B, software as a service, electronic invoicing, rder to cash, purchase to pay, procure to pay GTS BIlling UK Europe MARKETS Which side in the supply chain is your primary target group? B2B, B2C and/or B2G (Government)? Target customer Both Buyers and Suppliers B2B, B2G, Corporate to Bank Large Enterprises simple to complex e-invoicing scenarios, such as Direct Store Delivery, ay on Scan, Consolidated. Banks partners with financial institutions to offer, ayments Are you specialized in a certain industry? e-invoicing solutions, including all above. SMEs cost-effective solutions for SME s to integrate with trading partners. Generic - While GXS integration solutions cover many industry verticals we are noted for our expertise in the Automotive, Heeros Systems Finland Finland RSITIN Which processes in the supply chain do you facilitate? Retail, Consumer ackaged Goods and Banking sectors. Full physical & financial supply chain: Catalogue, rdering, Logistics, Warehouse Receiving,, Treasury, Financing Support interoperability with other service providers? Which pricing model do you mainly use? & ayments Yes. GXS has over 200 interconnects and over 80,000 mailboxes established. Subscription and/or transaction based E-INVICING MARKET GUIDE E-INVICING MARKET GUIDE 2012

67 Solution description GXS Active Applications provide SaaS integration, visibility and collaboration between multiple trading partners. The solutions enable the automation of purchase orders, inventory, Scanning of paper invoices Yes. GXS works with our scanning partner to remove the burden of paper processing, and to transition to a fully electronic process. shipments and invoices across the order-to-pay lifecycle. GXS provides tax compliant e- solutions for both EDI Total invoice management, 100% paper to electronic Yes. GXS works with our scanning partner to remove the burden and digital signatures, and support both direct and indirect of paper processing, and to transition to a fully electronic materials spend. process. SERVICES rinting urchase rder Flip Yes. Invoice fields can be pre-populated from the original purchase order via a turnaround thereby reducing the likelihood of data errors. Workflow functionality artial. GXS delivers validation, exception management, analytics and reporting capabilities to allow for real-time problems to be effectively resolved. Matching of related transactions Yes. When an invoice arrives it can be matched against multiple documents, including s, ASNs & GRNs. Direct integration with payments Distribution of e-invoices Yes. Fully integrated Invoices can be delivered via networked EDI, web portal or direct connections (e.g. AS2). Semi- Accounts ayable management Yes. GXS offers e- solutions that resolve the challenges faced by large Accounts ayable departments. integrated invoices can be delivered via . Accounts Receivable management Yex. GXS offers e-billing solutions that resolve the challenges Invoice presentment portal Yes. Suppliers can enter invoice data into a web portal. faced by large Accounts Receivables departments. Legal compliance tools Yes. GXS offers legal compliance for electronic invoices by validating tax data, ensuring authenticity & integrity of Integration with ER /accounting software Yes. GXS is the global leader for B2B integration and offers many ER/Accounting adapters. the e-invoice through digital signatures or Electronic Data Interchange (EDI), and electronic archiving. Which standards do you support? GXS is the global leader for B2B integration. We support all standards. TAX/VAT compliance Yes. GXS offers TAX/VAT compliance with either EDI or Digital Signatures for 40 countries: Argentina, Australia, Austria, Belgium, Brazil, Bulgaria, Canada, Cyprus, Czech Republic, Conversion from or into various XML formats Yes. GXS is the global leader for B2B integration. We map all standards. Denmark, Estonia, Finland, France, Germany, Greece, Hong Kong, Hungary, Iceland, Ire-land, Israel, Italy, Latvia, Content validation of incoming invoice data Yes. GXS evaluates inbound and outbound electronic Liechtenstein, Lithu-ania, Luxemburg, Mexico, Morocco, transactions against documented rules and requirements, Nether-lands, New Zealand, Norway, oland, ortu-gal, flagging errors and issues with drill down to root-cause data. Romania, South Africa, Singapore, Slo-vakia, Slovenia, Spain, Sweden, Switzerland, United Kingdom, United States. Facilitate customer onboarding Yes. GXS Expert n-boarding helps our customers achieve 100% trading partner participation. We have extensive experience e-signature service Yes. GXS works with our partner, TrustWeaver to provide digitally signed invoices. on-boarding suppliers, customers, financial institutions and third-party logistics companies. Finance & (reversed) factoring services Yes. GXS works with our financial services partners to facilitate trade finance solutions. ther services utsourced B2B Services, SaaS rder-to-ay, SWIFT Service Bureaux, Corporate-to-Banking Services (Dynamic) discounting e-archiving Yes. GXS offers TAX/VAT compliant invoice archiving. E-INVICING MARKET GUIDE E-INVICING MARKET GUIDE 2012

68 Hubwoo North/Latin America, Europe Ignify North/Latin America, Asia/acific rdering, Supply chain,, ayments ICreative The Netherlands Europe, Reseller, InExchange Factorum Sweden Sweden Contracting, rdering, Supply chain, IDI Billing Solutions Biller InfoDom Croatia Croatia Supply chain,, ayments i-docs Germany Europe, Middle East/Africa Information Systems Impact Greece Greece Contracting, rdering, Supply chain,, ayments rdering, Supply chain,, ayments E-INVICING MARKET GUIDE E-INVICING MARKET GUIDE 2012

69 CMANY Name ING Distribution of e-invoices The service facilitates the distribution from any supplier to any customer Invoice presentment portal Both Suppliers and Buyer have online access to their invoices. Legal compliance tools ING ensures legal compliancy for all its invoice services within the EU member states In which market do you provide your services? E- service provider, Bank The Netherlands Europe, Netherlands TAX/VAT compliance ING ensures TAX/VAT compliance for all its invoice services within the EU member states Contact details Active since ING Invoice Services, Saskia van Loon, +31 (0) e-signature service Invoices delivered to EU member states are signed conform EU legislation description Commercial Banking primarily targets large corporations in the Netherlands, Belgium, oland and Romania, where we offer Finance & (reversed) factoring services Yes, as a separate service via ING Commercial Finance a full range of products, from cash management to corporate finance. ur international network has a more selective (Dynamic) discounting approach. ING ayments and Cash Management as part of Transaction Services is building a leading position in a number of key product areas including e-financing. e-archiving All invoices are stored in an e-archive conform with the legislation of all EU member states Keywords ING ayments & Cash Management; International Network; e-invoice Scanning of paper invoices Total invoice management, 100% paper to electronic MARKETS Which side in the supply chain is your primary target group? B2B, B2C and/or B2G (Government)? Both Suppliers and Buyers B2B, B2C, B2G rinting yes, for our FiNBX clients we offer a full service solution, including print & mail in cooperation with our printpartner. Target customer Consumers, micro SME s, SME s, (Mid) Corporates, Government, Institutions Workflow functionality Are you specialized in a certain industry? Generic (no specific industry) Direct integration with payments With a payment button linked to the invoice, a prefilled electronic RSITIN payment can be generated Which processes in the supply chain do you facilitate? Support interoperability with other service providers? Document Handling,, ayments The service interoperates with other service providers and banks in the market. Accounts ayable management Accounts Receivable management Which pricing model do you mainly use? Solution description Transaction based 1) ur Ingis platform allows companies to easily send/receive B2B e-invoices to / from their clients, using their own ER- Integration with ER /accounting software The service is integrated with the top-20 leading ER / accounting software packages. This number is still growing system. Ingis generates the e-invoice in several formats and distributes them to other e-invoice platforms as a consolidator and to our own Ingis platform. Which standards do you support? Conversion from or into various XML formats IS20022 Financial Invoice, UBL 2.0, XML 2) As a BS of FiNBX we enable companies to present their e-invoices and related documents to consumers and SME in their internetbanking environment of the Dutch banks. Content validation of incoming invoice data ING, as an e-invoicing service provider validates the invoice data to meet the legal and tax legislation SERVICES urchase rder Flip Matching of related transactions Facilitate customer onboarding For an invoice, a prefilled electronic payment can ther services be automatically generated E-INVICING MARKET GUIDE E-INVICING MARKET GUIDE 2012 Customers receive support from ING on both technical and commercial aspects Yes, as a separate service via ING Commercial Finance

70 Infoworx Haindl & Co KEG Austria Austria Invinet Sistemes Spain Spain INSIA Solutions GmbH Germany Germany Invoice Cloud rdering, ayments, InterCommIT The Netherlands The Netherlands InvoiceASA ayments INTTRA Invoicera India Asia/acific, Europe Suppliers rdering, E-INVICING MARKET GUIDE E-INVICING MARKET GUIDE 2012

71 Invoiceware International North/Latin America CMANY Name Isabel SA - Zoomit Isabel offers with Zoomit a full B2C and B2B einvoice solution integrated in Bank portals and ER solution In which market do you provide your services? Contact details Active since description Belgium Local (Belgium) Régis Verschueren [email protected] Isabel SA is a leading provider of solutions and services within the financial value chain for consumers, businesses and banks. I ayments Australia Asia/acific, Europe Keywords MARKETS Which side in the supply chain is your primary target group? B2B, B2C and/or B2G (Government)? Target customer RSITIN Zoomit, EB, B2C, B2B, einvoice, Belgium, Bank, service Suppliers B2B, B2C, G2C, G2B & B2G Consumers, micro SME s, SME s, Corporates, ayments Which processes in the supply chain do you facilitate? Support interoperability with other service providers? and financial transactions Zoomit is connected to other providers and is member of EESA Which pricing model do you mainly use? Subscription and transaction model iay Technologies Biller SERVICES urchase rder Flip Matching of related transactions Distribution of e-invoices Invoice presentment portal Legal compliance tools, ayments TAX/VAT compliance e-signature service Finance & (reversed) factoring services (Dynamic) discounting iayables North/Latin America e-archiving Scanning of paper invoices Total invoice management, 100% paper to electronic rinting Workflow functionality rdering, Supply chain,, ayments Direct integration with payments Accounts ayable management Accounts Receivable management Integration with ER /accounting software Which standards do you support? IS20022 Financial Invoice (Finvoice) Conversion from or into various XML formats Yes via external providers Content validation of incoming invoice data Facilitate customer onboarding E-INVICING MARKET GUIDE E-INVICING MARKET GUIDE 2012

72 CMANY Name In which market do you provide your services? Contact details Active since description Itella Information E- service provider Finland Europe Heikki ulli, Business Development Director for E-Services, Itella Information, 1993 Itella Information provides financial process services and cash flow automation solutions that improve customers profitability and agility, and facilitate their transition to the e-world. The services cover all aspects of financial management: from purchase order to payment and from sales order to management of incoming cash flows, plus a full range of accounting and payroll services. With benefits of scale, automated processes and best practices, the company manages its customers financial processes in an efficient, professional and flexible manner. MARKETS Which side in the supply chain is your primary target group? B2B, B2C and/or B2G (Government)? Target customer Are you specialized in a certain industry? Both B2B, B2C, B2G, G2C, G2B SME s, Corporates Generic (no specific industry) RSITIN Which processes in the supply chain do you facilitate? Support interoperability with other service providers? Which pricing model do you mainly use? Contracting, rdering, Supply chain,, ayments Yes Subscription/transaction based SERVICES urchase rder Flip Matching of related transactions Distribution of e-invoices Invoice presentment portal Legal compliance tools TAX/VAT compliance e-signature service Finance & (reversed) factoring services (Dynamic) discounting e-archiving Scanning of paper invoices Total invoice management, 100% paper to electronic rinting Workflow functionality E-INVICING MARKET GUIDE E-INVICING MARKET GUIDE 2012

73 IayX ITside Italy,, ayments Contracting, rdering, Supply chain,, ayments ISrojects The Netherlands The Netherlands Izenpe Spain Spain rdering,, ayments it20one Austria Austria Jopari Solutions Biller, ayments ITESFT UK Europe J Morgan Chase Contracting, rdering, Contracting, rdering, Supply chain,, ayments E-INVICING MARKET GUIDE E-INVICING MARKET GUIDE 2012

74 Junifer Systems UK UK Kofax ayments, ayments Keurmerk E-factureren The Netherlands The Netherlands Kubra Biller, ayments KeyWord Logic Ltd UK Europe LexisNexis Supply chain finance specialist rdering, Supply chain Kleinschmidt Lindorff Norway Norway urchasing,, ayments E-INVICING MARKET GUIDE E-INVICING MARKET GUIDE 2012

75 Logica UK Majesco Mastek North/Latin America, Europe, Asia/acific Supply chain,, ayments, ayments Lykos aperless Solutions Greece Greece MasterCard urchasing services provider Contracting, rdering, Supply chain,, ayments Contracting, rdering, Supply chain,, ayments Mach Luxembourg Luxembourg Biller Maventa Finland Finland MagSoft The Netherlands The Netherlands Medius oland Asia/acific, Europe, North/Latin America Contracting, rdering, Supply chain, rdering,, ayments E-INVICING MARKET GUIDE E-INVICING MARKET GUIDE 2012

76 MetraTech Nassau CMS / facturis The Netherlands Europe rdering, Supply chain,, ayments Contracting, rdering, Supply chain,, ayments Microgen UK National ayment rdering, Supply chain,, ayments Mitek NemHandel Denmark Denmark Danish national open e-business framework Supply chain,, ayments Mitratech North/Latin America, Europe NETS Singapore Asia/acific Suppliers, ayments E-INVICING MARKET GUIDE E-INVICING MARKET GUIDE 2012

77 Netsend.com UK North/Latin America, Europe NorStella Norway Norway nexmart GmbH & Co. KG Germany Germany nvision North/Latin America, Europe, Asia/acific rdering,, ayments Contracting, rdering, Supply chain, Nobel Intellimens The Netherlands The Netherlands manbros.com Internetdienstleistungen GmbH Austria Austria, ayments Nordea Finland Europe Bank nline Resources Corporation Biller, ayments E-INVICING MARKET GUIDE E-INVICING MARKET GUIDE 2012

78 CMANY Name B10 Ltd Matching of related transactions Yes. We match invoices with s, on line-level if required. e- service provider London, UK Distribution of e-invoices Yes. Guaranteed delivery of the compliance B2B invoices is our core service. In which market do you provide your services? Contact details ly Mr Ruud van-hilten, Vice resident Sales, +44(0) Invoice presentment portal Yes. Suppliers can use our portal to Convert a or to manually enter their invoice data. Active since description 2000 We are the leading global B2B e- network. We simplify and streamline the complex invoice-to-pay process, with Legal compliance tools Yes. ur rules engines ensure all invoices are compliant in all jurisdictions we claim compliance in. proven results across some of the largest e- projects on a global basis. We drive supplier participation, we are file format independent and we guarantee tax compliance. B10 can reduce the cost of paper invoice processing by typically 60 percent and can deliver an RI in less than a year if the TAX/VAT compliance Yes. We work with local tax authorities to ensure compliant delivery. Currently compliant in 39 countries with a number of new countries in progress. We guarantee compliance with all applicable law. Keywords programme follows B10 s best practice guidelines. e-, invoicing, electronic invoicing, accounts payable, accounts receivable, ob10, e-billing, IDC, supply chain financing e-signature service Yes. All compliant invoices are digitally signed where required by local regulations. We provide at-source signature verification. MARKETS Finance & (reversed) factoring services Yes. We offer this service through financial partners. Which side in the supply chain is your primary target group? B2B, B2C and/or B2G (Government)? Both buyers and suppliers B2B & B2G (Dynamic) discounting Yes. We offer this service through our portal. Target customer Are you specialized in a certain industry? Micro SME s, SME s, Corporates, Mult-Nationals Generic (no specific industry). E- is a horizontal e-archiving Yes. We provide legally compliant archiving. process Scanning of paper invoices Yes. As a component in a structured e- campaign. RSITIN Which processes in the supply chain do you facilitate? (2), ayments, urchase rders, e-billing, supplier Total invoice management, 100% paper to electronic Yes. As a component in a structured e- campaign. Support interoperability with other service providers? self-service Yes. We interoperate with compliant service providers where rinting Yes. As a component of a structured e-billing campaign Which pricing model do you mainly use? Solution description real invoice volumes are identified. Transaction based We enable companies to send and receive error free, tax Workflow functionality No. We securely deliver the high quality invoice data to the client. compliant invoices around the globe without the need to install any hardware or software. We provide unique personto-person supplier onboarding in more than 10 languages to ensure that suppliers participate and transact. Direct integration with payments Historically, payments have come from the buyers instructions to their financial partners. B10 Express ayments will see payment instructions come directly from B10. Accounts ayable management No. We partner with the world s biggest B providers. SERVICES urchase rder Flip Yes. We can take s from all sources in a complex buyers Accounts Receivable management No. We partner with the world s biggest B providers. structure and present these to the supply chain. Suppliers can convert s directly into invoices on our ortal. Integration with ER /accounting software Yes. We fully integrate with any ER financial software. E-INVICING MARKET GUIDE E-INVICING MARKET GUIDE 2012

79 Which standards do you support? We support all structured file formats and most data standards. Conversion from or into various XML formats Yes. We support all structured file formats and most data standards. Content validation of incoming invoice data Yes. We use extensive and flexible rules sets to ensure compliance with our buyers business processes. Facilitate customer onboarding Yes. We provide multi-lingual person-to-person onboarding. We can contractually guarantee paper conversion rates in best practice projects. ther services s, Invoice Status Service, e-billing, Express ayments the e-invoicing industry exposed: a comprehensive overview, clearly structured E-INVICING MARKET GUIDE

80 ENLiMiT SignCubes GmbH The Netherlands The Netherlands papinet Sweden North/Latin America, Europe pentext Europe, North/Latin America, Asia/acific aydivvy Biller, ayments ptimit Croatia Croatia ayitgreen Contracting, rdering, Supply chain,, ayments alette Sweden Asia/acific, North/ Latin America, Europe ayswyft ebilling ty Ltd Australia Australia Biller rdering,, ayments, ayments E-INVICING MARKET GUIDE E-INVICING MARKET GUIDE 2012

81 erfect Commerce Europe, North/Latin America, Middle East/Africa roactis UK UK Suppliers Supply chain, Contracting, rdering,, ayments itney Bowes Belgium Belgium Quadira The Netherlands Europe,, ayments Contracting, rdering, Supply chain,, ayments ostnl BDS The Netherlands The Netherlands Biller RA Computer Italy Italy, Hungary, ayments Supply chain riority Commerce Rabobank The Netherlands The Netherlands Bank Contracting, rdering, Supply chain,, ayments E-INVICING MARKET GUIDE E-INVICING MARKET GUIDE 2012

82 CMANY Name rosodie, group Capgemini, Unifiedost artner Electronic documents processor, legal archiving in SaaS mode Conversion from or into various XML formats Content validation of incoming invoice data Facilitate customer onboarding France In which market do you provide your services? Europe, specially in France, Benelux, Spain and Italy Contact details atrice Le Roux, Director Business Unit E.document processing, +33(0) , [email protected] Active since 1986 description rosodie is a multichannel transactional flows operator, specialized in cloud computing. ur platforms enable us to produce and host transactional services with a very high level of security and availability: 24 hours a day, 7 days a week. rosodie has multiple fields of expertise: Multichannel customer relationship, E-documents processing, IT e-outsourcing, ayment MARKETS Which side in the supply chain is your primary target group? Customer Relationship documents B2B, B2C and/or B2G (Government)? B2B, B2G, B2B2C RSITIN Which processes in the supply chain do you facilitate? Contracting, subscription, invoicing, archiving Support interoperability with other service providers? Yes Which pricing model do you mainly use? er processed document and per archived document SERVICES urchase rder Flip Matching of related transactions Distribution of e-invoices Invoice presentment portal Legal compliance tools TAX/VAT compliance e-signature service Finance & (reversed) factoring services (Dynamic) discounting e-archiving Scanning of paper invoices Total invoice management, 100% paper to electronic rinting Workflow functionality Direct integration with payments Accounts ayable management Accounts Receivable management Integration with ER /accounting software Which standards do you support? INSIGHTS IN THE WRLD WIDE E-INVICING ECSYSTEM E-INVICING MARKET GUIDE E-INVICING MARKET GUIDE 2012

83 Racuni.hr Croatia Croatia Recurly Biller, ayments Raiffeisen Informatik GmbH Austria Europe Greece Greece Supply chain,, ayments Contracting, rdering, Supply chain, RBS Invoice Finance UK UK Bank Retailay Supply chain,, ayments ReadSoft Sweden Retarus Germany Contracting, rdering, Supply chain, E-INVICING MARKET GUIDE E-INVICING MARKET GUIDE 2012

84 Ricoh Japan CMANY Name Saphety E- service provider ortugal, Lisbon In which market do you provide your services? Contact details 18 countries: ortugal, Germany, Sweden, Spain, Italy, Austria, Ireland, the Netherlands, Switzerland, Norway, Denmark, France, Greece, oland, the Czech Republic, Mozambique, the United Kingdom and Belgium. Mr Miguel Zegre, Chief Marketing ffice, saphety.com, Rozis The Netherlands The Netherlands Active since description 2000 Saphety offers solutions for the dematerialisation, simplification and automation of business processes between organisations in a safe, reliable, efficient, cost-effective manner, and in accordance with the applicable legal framework. Saphety helps companies saving through its urchase-to-ay system, an automated and integrated system that lets businesses manage and control transaction life cycles. MARKETS Which side in the supply chain is your primary target group? Buyers and Suppliers Sage North America billing_boss B2B, B2C and/or B2G (Government)? Target customer Are you specialized in a certain industry? B2B Corporates, SME s, Government, Banks and Financial Institutions Retail, Utilities, Telecom, Financial, Insurance, Government Buyers RSITIN Supply chain,, ayments Which processes in the supply chain do you facilitate? Support interoperability with other service providers? Which pricing model do you mainly use? Contracting, rdering, Supply chain,, ayments Yes transaction based SA SERVICES urchase rder Flip Matching of related transactions Contracting, rdering, Supply chain,, ayments Distribution of e-invoices Invoice presentment portal Legal compliance tools TAX/VAT compliance e-signature service Finance & (reversed) factoring services (Dynamic) discounting e-archiving E-INVICING MARKET GUIDE E-INVICING MARKET GUIDE 2012

85 Scanning of paper invoices Total invoice management, 100% paper to electronic rinting Workflow functionality Direct integration with payments Accounts ayable management Accounts Receivable management Scan Sys The Netherlands The Netherlands Integration with ER /accounting software Which standards do you support? UN/CEFACT CII, IS20022 Financial Invoice, UBL 2.0, Edifact, any as required., ayments Conversion from or into various XML formats Content validation of incoming invoice data Facilitate customer onboarding Secrypt Germany Germany rdering, Seeburger North/Latin America, Europe number one market guide for billers Contracting, rdering, Supply chain, SeerGate Israel North/Latin America, Middle East/Africa E-INVICING MARKET GUIDE E-INVICING MARKET GUIDE 2012

86 CMANY Name SERES (Docapost EBS) E- service provider Invoice presentment portal Yes. Check invoices on an own branded site or on Generic SERES portal. Identification system with user/password, electronic certificate or SS. In which market do you provide your services? Contact details France (focus on Europe and America) Mr Alberto Redondo, Marketing and Channel Director, alberto. Legal compliance tools Yes. It covers legal full compliance tools about electronic signature and EDI electronic. Active since description Seres, a Docapost (Groupe La oste) and Bull subsidiary, is European leader for dematerialization and electronic document TAX/VAT compliance Yes. According to law and rules in each countries (in Europe base on European Directive and each national laws, in Mexico with SAT laws and rules ). exchange services enabling companies and their business partners to optimize their processes, automate their B2B, B2G and B2C exchanges and integrating their trade flows in an agile and safe way. e-signature service Yes. Certification service provider. wn signature and validation service. Several signature method signed DF, XAdES (included extended long-term X-L), KCS#7 Keywords electronic invoicing, EDI, VAN, Digitalization & Scanning, A automation, urchase-to-ay, Invoice Automation, Supply chain Finance & (reversed) factoring services Yes. e-factoring and e-confirming capability (additional service) (Dynamic) discounting Yes. Additional service. MARKETS Which side in the supply chain is your primary target group? B2B, B2C and/or B2G (Government)? B2B, B2C, B2G e-archiving Yes. Integrated with a documents management system or with access to our archiving/storage management service.. Target customer Are you specialized in a certain industry? micro SME s, SME s, Corporates Generic. Scanning of paper invoices Yes. Automatic document capture solution (CR/ICR). Autolearning scan. System identification according to the type of document, based on optical recognition context. RSITIN Which processes in the supply chain do you facilitate? Support interoperability with other service providers? Contracting, rdering, Supply chain,, ayments yes. Full interoperability service through our NET.HUB service. Total invoice management, 100% paper to electronic Yes. Digitalizations to incoming invoices and printing to outgoing e-invoices Which pricing model do you mainly use? Solution description license, subscription, transaction based It has a comprehensive set of features to suit all your business needs, including your customers and suppliers requirements, rinting Yes. Besides enveloping and delivery service (full coverage througt La oste postal service) regardless of your and their technological level. It covers any kind of e-invoice and paper invoice (e-invoice in several formats, printing and scanning, etc.). It integrates and adapts in non- Workflow functionality yes. Integrated with a module used to validate and manage document circulation processes within your organisation. intrusive way to their ERs and information storage systems. Direct integration with payments SERVICES urchase rder Flip Yes. Full integrated with supply chains documents (orders, Accounts ayable management Yes. Automatching and payment without human intervention process. Business and IT acknowledgment. Matching of related transactions delivery notes, Receiving advice message, etc.). Yes. Automatching and match invoices with s, receipts or payments. Accounts Receivable management Yes. Advanced trazabilty tools to discover possible nonpayment cases. Distribution of e-invoices Yes. Through internal and external (Interoperability HUB) networks and conversion between electronic and paper invoice. Integration with ER /accounting software Yes. With more that 50 ERs and accountig software. E-INVICING MARKET GUIDE E-INVICING MARKET GUIDE 2012

87 Which standards do you support? Conversion from or into various XML formats Content validation of incoming invoice data UN/EDIFACT, FACTURAE, UBL 2.0, SIGNED DF, UN/CEFACT CII, IS20022 Financial Invoice Yes. 100% mapping formats coverage (XML and structured plain text file ). Yes. Semantic and syntactic validation. ServiceChannel Facilitate customer onboarding Yes. Advance management of change and Community deployment (offer a wide range of IT solutions), telemarketing, ayments campaign... ther services Consulting, market reports, RI tools, Hosting and Housing, training, customer support Signature South Consulting Chile North/Latin America Suppliers, ayments Simac Document Solutions The Netherlands The Netherlands INDTRY INSIGHTS FRM T LAYERS IN THE E-INVICING SERVICES MARKET, ayments Simply Invoice simplyinvoice.co.uk UK UK E-INVICING MARKET GUIDE E-INVICING MARKET GUIDE 2012

88 SIX ayment Services aspx?nc= Switzerland Europe, North/Latin America Biller, ayments SpringCM Skandinaviska Enskilda Banken (SEB) Sweden Europe Bank Sproom Sweden Sweden, ayments SofTechnics Reseller, STFD-Transfond Romania Romania Suppliers rdering, supply chain, invoicing, payments Sorriso Technologies Strålfors Sweden Europe E-invoicing services provider, ayments Supply chain, E-INVICING MARKET GUIDE E-INVICING MARKET GUIDE 2012

89 Stralfors Svenska Sweden Europe Swedbank Sweden Europe Bank Buyers Supply chain,, ayments Striata Biller SWIFT Belgium Supply chain finance specialist, ayments, Supply Chain SunGard Symantec SunTec India North/Latin America, Europe, Asia/acific, ayments E-INVICING MARKET GUIDE E-INVICING MARKET GUIDE 2012

90 CMANY Name Syncada from Visa Legal compliance tools Automatically executes restricted party screening against applicable list(s), depending upon geographic requirements. In which market do you provide your services? E- service provider United States TAX/VAT compliance Fully VAT compliant in all European countries as well as Mexico and Canada. Contact details Active since Kara ritchett, Director of Marketing , 2009 e-signature service Yes, Syncada partners with a leading external provider to validate and process e-signatures. description Syncada from Visa is an e-invoicing network that financial institutions provide to their corporate and government clients to increase control over their financial supply chains, regardless of Finance & (reversed) factoring services Syncada offers financing options to suppliers to increase payment speed and buyers to extend payment terms. language or currency. Syncada processes millions of invoices for buyers and makes payments to tens of thousands of suppliers in (Dynamic) discounting Keywords 47 countries. e-invoicing, accounts payable, payment, invoice financing, supply chain finance e-archiving Data is available via our e-archive in electronic format for a period of seven years. MARKETS Which side in the supply chain is your primary target group? Both buyers and supliers Scanning of paper invoices Syncada converts paper invoices into online information. Images of scanned invoices can be viewed online. B2B, B2C and/or B2G (Government)? Target customer Are you specialized in a certain industry? B2B and B2G Corporates and Financial Institutions All industries Total invoice management, 100% paper to electronic Syncada can convert all paper invoices, regardless of format, to electronic information. rinting RSITIN Which processes in the supply chain do you facilitate? Support interoperability with other service providers? Which pricing model do you mainly use? rdering, Supply chain,, ayments Transaction-based pricing Workflow functionality Syncada s workflow tools route the invoice to the proper approver and can forward invoices for multiple levels of review and approval. Solution description Syncada from Visa offers business-to-business e-invoicing, financing, and payments under the software-as-a-service (SaaS) model via a network of banks around the globe. The collaborative solution bridges the gap between commercial and government Direct integration with payments The Syncada network processes payments from buyers to suppliers electronically. Syncada currently makes payment in 13 currencies. buyers and their suppliers; with 100% electronic invoice presentment, auditing, collaborative exception resolution, and accelerated payment. Accounts ayable management Green (paperless) automatic payment, invoice processing and financing to simplify supply chain management and improve cash flow. SERVICES urchase rder Flip Matching of related transactions Syncada users can generate an invoice using on the buyer s purchase order within the system. Syncada can match invoices to s, receipt or contract terms. Accounts Receivable management Automate receivables and save money through paperless invoicing, accurate account reconciliation, and tailored trade finance solutions. Distribution of e-invoices This collaborative system allows suppliers to submit e-invoices to buyers on the network, regardless of location or banking relationship. Integration with ER /accounting software Syncada can connect with ER systems and accounting software, as well as proprietary enterprise systems. Invoice presentment portal Within Syncada s online portal, suppliers can submit invoices and buyers can view, route and approve invoices for payment online. Which standards do you support? Syncada supports multiple standards including, ANSI X12, EDIFACT, UBL, IS 2002, cxml, GS1, and more. E-INVICING MARKET GUIDE E-INVICING MARKET GUIDE 2012

91 Conversion from or into various XML formats The solution supports XML formats and standards. Content validation of incoming invoice data Syncada validates format and content of incoming e-invoice. Facilitate customer onboarding Syncada and its network of banks work with both buyers and suppliers to implement use of the system. ther services e.g. consulting, market reports A MT-HAVE for all professionals in the e-invoicing industry E-INVICING MARKET GUIDE E-INVICING MARKET GUIDE 2012

92 Tangram Teleffice GmbH (TT) Germany Germany E-invoicing services provider Telema Estonia Estonia, Latvia, Lithuania Supply chain, Taulia Europe, North/Latin America Textura rdering, Supply chain,, ayments TecCom GmbH Germany Europe TIE Commerce rdering, Telefónica Soluciones de Informática y Comunicaciones de España Spain Buyers, ayments TIE Kinetix The Netherlands North/Latin America, Asia/acific, Europe Supply chain finance specialist Supply chain E-INVICING MARKET GUIDE E-INVICING MARKET GUIDE 2012

93 Tieto Finland Europe TradeFacilitate Ireland Ireland Supply chain finance specialist Supply chain, TI Networks E-billing services provider Transactis ayments, ayments TNT ost Billing & Document Solutions document The Netherlands Europe Biller Buyers Transcepta North/Latin America rdering, Supply chain., ayments toria EDV Austria Austria Traxian rdering, Supply chain. E-INVICING MARKET GUIDE E-INVICING MARKET GUIDE 2012

94 CMANY Name In which market do you provide your services? Contact details Active since description Tradeshift, Inc E- service provider, San Francisco CA Renette Youssef, Chief Marketing fficer, 2009 Tradeshift connects businesses on a secure online network to help them work collaboratively and manage tasks such Workflow functionality Direct integration with payments Accounts ayable management Accounts Receivable management Integration with ER /accounting software Which standards do you suport? Conversion from or into various XML formats Content validation of incoming invoice data Facilitate customer onboarding as invoicing and cash flow. In the Tradeshift Business Cloud, organizations create a network with their suppliers, customers and partners to streamline common business processes powered by the latest technologies. Keywords einvoicing, supply chain finance, purchase orders, MARKETS Which side in the supply chain is your primary target group? both B2B, B2C and/or B2G (Government)? B2B Target customer Corporates Are you specialized in a certain industry? Generic (no specific industry) RSITIN Which processes in the supply chain do you facilitate? Support interoperability with other service providers? Which pricing model do you mainly use? Solution description SERVICES urchase rder Flip Matching of related transactions Distribution of e-invoices Invoice presentment portal Legal compliance tools TAX/VAT compliance e-signature service Finance & (reversed) factoring services (Dynamic) discounting e-archiving Scanning of paper invoices Total invoice management, 100% paper to electronic rinting Contracting, rdering, Supply chain,, ayments Fully support interoperability allowing free roaming between Tradeshift and EL. 100% Free to suppliers to send invoices Tradeshift is the fastest growing, global B2B network. ur unique business solution distributes value to both ends of the transaction cycle, to suppliers and buyers. Suppliers benefit from never paying transaction fees while buyers benefit from extraordinary onboarding and adoption rates. A UNIQUE ERSECTIVE N THE WRLDWIDE E-INVICING, E-BILLING & supply chain finance market E-INVICING MARKET GUIDE E-INVICING MARKET GUIDE 2012

95 CMANY Name Unifiedost SA/NV Unifiedost is a leading provider of solutions for document communication processes. We enhance business processes in the areas of accounts payable and receivable, payroll administration, contract management, legal e-archiving and other internal and external administrative communications. Solution description Unifiedost enhances business processes in the areas of accounts payable and receivable, payroll administration, contract management, legal e-archiving and other internal and external administrative communications. Through our communication platform (AS) we offer both paper and electronic solutions.the Unifiedost solutions are distributed internationally through an extensive partner network. Through our communication platform (AS) we offer both paper and electronic solutions.the Unifiedost solutions are distributed internationally through an extensive partner SERVICES urchase rder Flip network. Unifiedost is headquartered in La Hulpe (Belgium) and has offices in The Netherlands, Luxembourg and Romania. Matching of related transactions ayments and Invoices are linked automatically through a fingerprint-hash derived from transaction-data. In which market do you provide your services? Contact details Europe, Asia, America Mr Michel Warlop, Sales & Marketing Director [email protected] Distribution of e-invoices Invoice distribution and delivery is offered via different channels like , portal, smartphone, paper, XML/EDI. Active since description (mob) (tel) 2000 Unifiedost has a unique position in the market by offering both workflow and long-term archiving products in a pure Invoice presentment portal Full functionality including labeling, advanced (outside) sharing, metadata editing, online payment, dispute management and mailing. SAAS-environment. ur document and content management services offer various routing possibilities including portal, print, scan, direct mail with features like different payment Legal compliance tools Europe-wide legally compliant storage and processing. A WC comfort letter around our solution compliancy is available. Keywords functionalities, document reporting, advanced user management and legal archiving. e-invoicing, e-documents, e-archiving, IAAS, SAAS, community, TAX/VAT compliance Unifiedost has a Tax-compliancy ruling with Belgian authorities. printing, scanning e-signature service We provide Advanced Electronic Signatures based on a Qualified MARKETS Which side in the supply chain is your primary target group?, both Certificate. ther user-friendly products to electronically sign documents are available. B2B, B2C and/or B2G (Government)? Target customer Are you specialized in a certain industry? B2B, B2C, B2G Medium and large companies Customers from industries as varied as leasing, media, insurance, telecom, utilities, human resources, recruitment, Finance & (reversed) factoring services The platform provides all hooks and event triggers to integrate third-party financing products. Contact Unifiedost for examples. the travel sector and the manufacturing industry use our platform on a daily basis. (Dynamic) discounting The platform can be configured to initiate any dialog between buyer and seller, taking into account data from the underlying RSITIN invoice. Which processes in the supply chain do you facilitate?, ayment-related documents, HR-related documents, contracts, legal digital long-term archiving in SAAS-mode. e-archiving ur secure and scalable e-archive guarantees long time readability and integrity. Consultation via a user-interface or Support interoperability with other service providers? internal applications is supported. Which pricing model do you mainly use? rice per document only Scanning of paper invoices Scanning services are offered through partners. Documents and their metadata can be used for archiving, workflow and ER-integration. E-INVICING MARKET GUIDE E-INVICING MARKET GUIDE 2012

96 Total invoice management, 100% paper to electronic rinting ffering both digital and paper distribution channels. n-boarding guidance to switch smoothly from paper to the receivers preferred e-channel. ver 10 years of complex and simple printing processes, using an international network of local print houses. Unit4 Business The Netherlands The Netherlands Workflow functionality We provide a (human-task) workflow engine for running high volume workflows, including searchable task lists. Direct integration with payments The platform supports both online payments (Be s, Cards, Accounts ayable management atc) and SCT and SDD for both incoming and outgoing invoices. Supports the entire workflow from incoming invoice (electronic or paper) over approval, payment and status feedback. United Bank Limited akistan Bank Accounts Receivable management Supports the entire workflow from outgoing invoice cash collection, reconciliation and status feedback. Buyers Integration with ER /accounting software Connections with accounting software and ER systems like: Navision, Exact Globe, Dynamics, SA A/R., ayments Which standards do you support? Conversion from or into various XML formats UBL 2.0, Finvoice, GS1, IS20022, SAS70/ISAE3402. Unifiedost offers a standard set of format conversions Finvoice/UBL 2.0/BMF100/Certipost. Additional custom conversions are easily implemented. Unity Trust Bank UK UK Bank Content validation of incoming invoice data Unifiedost activates format and content validation with a notification feature of A-staff or supplier staff in case of noncompliance. Buyers, ayments Facilitate customer onboarding Triggering the receivers to make a choice and use this information to onboard the receivers on the e-channels. Urban Anomaly E-INVICING MARKET GUIDE E-INVICING MARKET GUIDE 2012

97 VendorNet Vindicia North/Latin America, Europe, ayments Veracity Visma roceedo Norway Europe, ayments, ayments, rdering Verian VocaLink UK UK Biller Buyers rdering,, ayments, ayments VIAFIRMA Spain Wells Fargo Biller Contracting,, ayments E-INVICING MARKET GUIDE E-INVICING MARKET GUIDE 2012

98 Wirecard AG Germany Biller XiTrust Technologies Austria Austria, ayments WNS Yardi Asia/acific, Europe, North/Latin America Suppliers, ayments Xero New Zealand Asia/acific, Europe, North/Latin America Yodlee Biller Suppliers Buyers, ayments, ayments XimantiX Germany Germany Zbill ayments E-INVICING MARKET GUIDE E-INVICING MARKET GUIDE 2012

99 Zoho Asia/acific, North/ Latin America Suppliers, ayments Zuora ayments E-INVICING MARKET GUIDE