SunTec Business Solutions, the world’s #1 relationship-based pricing and billing company, has announced the launch of its fully pre-configured E-invoicing solution to help banks in the Kingdom of Saudi Arabia (KSA) meet their compliance requirements.
The announcement is timely as KSA has mandated businesses to embrace a digital journey with the implementation of e-invoicing. From December 4, 2021, all business entities, including banks and financial institutions in the KSA will have to issue, receive and store invoices electronically to ensure output and input invoices are perfectly matched and reconciled to avoid any fraud.
With this step, the KSA aims to eliminate manual errors in invoice processing and reconciliation, thereby resolving tampering of invoices and reducing the risk of revenue leakage through VAT avoidance.
Nanda Kumar, CEO and Founder at SunTec said, “I believe the right partner is crucial to help banks get ready in time for this mandate. SunTec’s flagship platform, Xelerate is designed to help banks digitize and elevate their customer experiences with minimal efforts and virtually no changes to their core infrastructure. Our e-Invoicing Solution will enable complete digital invoice management and ensure complete accuracy. The solution will ensure compliance with General Authority of Zakat and Tax, Saudi Arabia (GAZT) e-Invoicing requirements and ensure our customers are ready in time to comply smoothly with e-invoicing regulations.”
SunTec’s Xelerate e-Invoicing Solution is a fully pre-configured, fraud-proof solution tailored to the specific needs of financial services organizations. It can be implemented within a matter of weeks without disturbing the bank’s existing IT landscape. SunTec’s solution will help mitigate potential risks of compliance violations, thereby preventing penalties and loss of reputation.
Amit Dua, President, Client Facing Groups at SunTec said, “This is certainly a futuristic move. With digital invoicing, KSA has empowered businesses to transform trading while avoiding revenue leakage digitally. The complexities of transitioning towards a new regime can be overwhelming. Given our experience in deploying our VAT solution for over 30 banks in the region and our strong market understanding we are confident that we can help banks transition smoothly to meet the e-invoicing mandate. Our solution can seamlessly be integrated with the bank’s existing IT systems, irrespective of the VAT solution they currently use.”
SunTec’s Indirect Taxation solution is used by more than 50 banks and financial services providers in GCC and India for VAT and GST compliance, respectively. The company has over 30 customers in the GCC region alone. Nearly one billion transactions are processed every year through SunTec’s GCC VAT compliance solution.