24 November 2014

Swift set for greater involvement in e-invoicing

28 November 2008  |  15320 views  |  0 Swift logo web screen shot

Financial messaging network Swift is consulting with its membership about the potential provision of an interbank e-invoicing exchange network and the creation of a banking industry wide standard.

In a survey of the top 50 MT 103 banks, Swift found that 28 of the 29 banks that responded already offer or plan to offer B2B e-invoicing services.

In the corporate market, banks see potential for generating additional revenue by integrating e-invoicing with existing cash management, supply chain and financing services.

However, in the absence of widely accepted standards. many see their projects as long-range efforts, with an average estimated five year payback in terms of return on investment.

Swift says its potential involvement in the market was welcomed by approximately three-quarters of the banks surveyed.

The Euro Banking Association and an EU Commission Expert group are currently researching the market for e-invoicing and the potential for wider banking industry involvement.

Swift says it will await the findings of both these efforts before setting up its own Ad Hoc advisory group. This would seek to set out and test a business case for an interoperable e-invoicing platform, and identify the key functionality and the role of Swift and other parties in the provision of this capability.

Comments: (0)

Comment on this story (membership required)
Log in to receive notifications when someone posts a comment

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board, sign up now.

Related blogs

Create a blog about this story (membership required)

Related stories

12 November, 2008
16 September, 2008
12 September, 2008
17 June, 2008
24 September, 2007
30 August, 2007
27 June, 2007
11 October, 2006
11 July, 2006
17 February, 2006

Related company news

 

Featured job

to $175k base, double OTE, benefits
New York City, NY (USA)

Find your next job