EDB and DnB NOR have signed a final agreement for electronic invoicing in the Norwegian corporate market that will deliver major cost savings for Norwegian companies.
Their objective is to create a joint system for use by DnB NOR and its corporate customers. This collaboration will also be open to all other Norwegian banks.
"With this system, we are well on the way to creating a platform to manage all invoice traffic between Norwegian companies", comments Geir Guthus, Manager, EDB IT Operations. There is currently no complete system to manage the exchange of electronic invoices between issuers and recipients of invoices in the corporate market. The new service will be offered by DnB NOR and distributed through internet banking. "We can now invite all Norwegian banks to join this collaboration so that we can work together to create a single contact point for invoicing in the Norwegian corporate market", adds Geir Guthus.
Long-term agreement
The final agreement provides for long-term collaboration between EDB and DnB NOR, initially to 31 December 2012. Since signing the letter of intent on 20 October this year, EDB and DnB NOR have negotiated the final form of their agreement on managing e-invoicing in the corporate market. The agreement now signed envisages that the new solution will be ready for use by DnB NOR and EDB's existing customers from the second quarter of 2006. The new solution will satisfy all regulatory requirements, and will be based on recognised and secure technology. Turnover for the new solution will be transactions-based, and will depend on how many companies use the system in future years.
All-to-all solution for the corporate market
The e-invoicing solution will initially be available to companies that are already customers of DnB NOR and EDB, but new users will be added as more Norwegian banks join the system. The solution will operate as a contact point between issuers and recipients of invoices in the corporate market. Electronic invoice traffic will flow to and from the internet banking accounts of both issuers and recipients of invoices via this contact point. The solution will take into account the needs of both small and large companies. Invoices will be dealt with either through a company's ERP system (larger companies) or can be settled with an internet banking payment (smaller companies). According to EDB's calculations, companies can benefit from cost savings of more than 50% by using the new solution.