Open Standards For Payables And Receivables

Date Added: May 2009
Format: HTML

Regarding message standardisation of corporate-to-corporate and corporate-to-government financial supply chains, there is a similar trend of collaboration between multiple standards organisations. UN/CEFACT is the most logical candidate to be the umbrella for such standards. Banks, public administrations and a few corporations are collaborating to ensure that the existing EDI-based invoicing standards are upgraded in line with the many requirements assembled around solutions for e-invoicing. This process is accelerated by the work of the EU Expert Group on e-Invoicing, which aims to deliver before the end of 2009 a comprehensive electronic e-invoicing framework that includes message standards. This framework also covers specific designs for interoperation between multiple e-invoicing service providers and recommendations to remove legal bottlenecks for e-invoicing in the EU.