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Bo Harald - ZEF and Real Time Economy Program

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Innovation in Financial Services

A discussion of trends in innovation management within financial institutions, and the key processes, technology and cultural shifts driving innovation.

Heavyweight support for global e-invoicing ISO standard

11 March 2011  |  5203 views  |  0

This is the global support from SWIFT that the market needs. As seen from the work with the Single European Payment Area it is necessary to get a network standard in place first – and then make the market create end-to-end harmonization. This will happen faster if enterprises using these services and regulators see and drive the big picture – and service providers go for the inevitable network interoperability models.

This should also end the debates on:

if a global network standard for e-invoicing is needed – and if Europe should not be the first to deploy

-  if the ISO20022 e-invoice message standard – based on ISO methodology, processes and change request procedures – is in some way less of a standard in the real sense than the ISO20022 SEPA-payment standard – created in the same way

- if the ISO20022 e-invoicing standard is in some way meant to be used only by service providers from the banking sector – certainly not the case. So now it is very much up to all service providers to adopt it – before regulators have to do it (like SEPA). I am sure all will side with this – preferably publicly – and as soon as possible.

Great day!

TagsOnline bankingPayments

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