B2B Payments

Ocean Freight Gets Own E-Invoicing Guidelines

The Ocean Freight industry has new sector standards about electronic invoicing.

According to the Ocean Freight Industry EIPP Standards Advisory Board (SAB), the purpose of the guidelines is to “focus on key handling processes and required data elements for invoice and credit note presentment.” With these new standards, the ocean freight industry will better be able to enhance e-invoicing efficiency and automation in global shipping.

The new guidelines include measures on invoice processing, credit note processing and EDI messaging guidelines.

According to the standards, invoice processing “…starts with invoice issuance and ends with invoice acknowledgement, focusing on the exchange of electronic invoices from an invoice issuer to a payer. This supports the automation of invoice acknowledgement, routing, verification, payment and accounting, as well as tax reporting and auditing.”

E-invoicing can be an essential tool in the B2B commerce world. PYMNTS.com recently discussed a report that sought to prove why organizations should consider making the switch. For example, one expert cited in the research said that the power of business networks lets companies and their suppliers collaborate across the procure-to-pay process to ensure the enforcement of terms, which saves a significant amount of time and money.

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