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When Denmark legislated against paper invoicing in the public sector (including municipalities) back in 2005 service providers (including banks) where not ready with easy solutions for the SMEs. The solution was that enterprises where told to go to the local post office to have invoices scanned. The state paid the cost.
Many enterprises (worldwide) that have banned paper invoices tell their suppliers to send paper invoices (or e-mails with PDFs) to scanning services often offered by e-invoicing service providers. This is meant to be an interim solution - when SMEs realize that "Press SEND" makes more sense for all than "Press PRINT" - then this wasteful habit will disappear.
But to get there real fast we need a wide network of generic e-invoicing portals (NOT buyer specific!) - and here naturally banks are needed.
This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author.
Todd Clyde CEO at Token.io
31 January
Amey Prabhu Solution Architect & Head of Trade Finance Product at Veefin
Roman Eloshvili Founder and CEO at XData Group
Stu Bradley Sr. VP of Risk, Fraud and Compliance Solutions at SAS
30 January
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