B2B payments service provider Ariba has been on a roll when it comes to introducing new financial products to businesses. The company’s Senior Vice President of Product Management Chris Haydon recently gave an interview about the firm’s emerging mobile strategy, which includes the launch of the SAP Fiori mobile platform.
But that doesn’t mean Ariba is abandoning its existing enterprise services, and the company has also recently announced a new upgrade to its Ariba Network. The new release expands e-invoicing capabilities to the B2B trading platform, which is used by nearly 2 million buyers and sellers every year, the company said.
Those companies exchange more than 70 million invoices every year, too. New features on the latest Ariba Network release help these companies achieve an end-to-end invoicing process. Together, Ariba said the updates help businesses more efficiently settle their invoices.
The new features include support for multi-level order hierarchies and invoices, reports said, and provide ways to facilitate high volumes of line items and their corresponding invoice requests.
Additional reports said the updates also include three new nations whose tax regulations are supported by Ariba: Brazil, Chile and Colombia. Reports said the additions make Ariba the market’s most global invoicing service.
“Like Brazil, Chile and Colombia have their own complex requirements governing the creation of tax invoices, their validation by the tax authority and validation checks through to payment,” the firm said. The updates allow companies in these three nations to automate their invoice submissions and ensure compliance.
Assuring tax regulatory compliance in Latin America has been a key focus of B2B payments and e-invoice services providers as of late. Earlier this week Invoiceware announced that it has teamed up with Lexmark to help businesses across the region ensure compliance in streamlining their accounts payable systems.