Australia has begun an initiative to experiment with end-to-end electronic invoicing, and reports say some top corporate players are in on the collaboration.
Reports Friday (Feb. 24) said telecom Telstra and information exchange firm MessageXchange are working with the Commonwealth Bank of Australia to create an end-to-end eInvoicing service that supports the nation’s Digital Business Council framework, which requires every company to communicate via certain digital access points in an effort to promote the use of eInvoicing.
The experiment involves Telstra acting as a supplier and the CBA as the buyer, while MessageXchange performs the exchange of invoices. According to the bank, the test is an effort to improve the efficiency of eInvoicing. Reports said the CBA is looking to help companies, especially SMEs, adhere to the Digital Business Council’s framework. Reports said it’s also part of a broader initiative to encourage software developers to create eInvoicing solutions, which these companies have been reluctant to do, further delaying the creation of a national framework.
“If we look to Europe, which has had eInvoicing in place for some time, the productivity and cost savings are so obvious to business leaders that some countries have already achieved a 40 percent adoption rate, saving businesses and government billions of dollars every year,” said MessageXchange managing director John Delaney in a statement.
“The establishment of a national framework of standards will provide a seamless system for all businesses to use and give software developers the confidence to product integrated software,” said Digital Business Council chairperson Peter Strong.
The Digital Business Council said eInvoicing could save businesses up to $10 billion a year thanks to reduced errors, processing time and dependence on paper.