A uniform e-invoice exchange framework will “increase broad e-invoice support by simplifying the implementation, maximizing business endpoint reach through a single connection that allows connecting with many, and increasing affordability for small and medium-size businesses,” according to the BPC report “e-Invoice Exchange Framework: Approach to Managing a Federated Registry Services Model in a Four-Corner Network."
Businesses that choose to use the framework will experience all the benefits related to e-invoicing without the upfront investments to set up interoperability between supplier and buyer.
"It is to be expected that the adoption rate will grow exponentially,” says Smits. “It’s a bit like a social network; the more businesses that are connected to the network, the more value it creates."
What should businesses do to prepare for the e-invoice exchange framework?
The most important step businesses can take to prepare for the e-invoice exchange framework is to ensure they have accurate, quality invoice data. “Interoperability—even with an exchange framework in place—can only work with quality invoice data,” says Smits. “In the e-invoicing world, it is considered normal for an e-invoice delivery to fail if there is one data field missing, if the line items don’t add up, or if rounding rules are not applied correctly.”
If you’re lacking quality invoice data, or have yet to implement an e-invoicing platform, partnering with Billtrust now will ensure you’re ready for the e-invoice exchange framework when the time comes.
Billtrust recognizes the rapid global adoption rate and urgency of e-invoicing, and we’ve dedicated ourselves to facilitating automated payments and providing ways to keep cash flowing, with products like our Business Payments Network as well as our shared knowledge.