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Joanna Andersen, Nordea – 9 Feb 2010
Electronic invoicing (e-invoicing) has been around in the Nordic countries for around 10 years. However, it is during the past two years that the growth has really taken off. UPM and Kone are impressive examples of large corporations that have publicly announced that they will no longer accept paper from their suppliers. And they are accompanied by Kingdom of Denmark, State of Finland and municipalities in Sweden.
The volume of received B2C e-invoices in Nordea Bank Finland grew 1000% in 2008. In 2009, the total volume of e-invoices in Nordea grew 140%. So far in 2010, we can see intensification as new parties are joining the scheme every day. At national level, the increase is now between 10-20 % every month in Finland. So it is easy to agree with the results of the gtnews Cash Management Survey 2009 – accounts receivable are also in the limelight in the Nordic region.
The challenging process restructuring efforts are starting to pay off for our corporate customers: better usage of working capital, process efficiency improvements, cost savings and improved carbon footprint are becoming visible and are appreciated by both customers and shareholders.
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