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.
© Finextra Research 2016