Hackers uses e-billing system connection to steal credit card data from 110 mln customers

February 11, 2014  |  Compliance, Electronic Invoicing, Featured Articles, Payment  |  Comments Off

Late 2013 Target (a massive US retailer) revealed it had been targeted by a team of unknown hackers, who managed to gain access to the personal info (and credit card numbers) of a whopping 110 million customers. It was, as onlookers noted at the time, a "disaster," and the impetus for at least one lawsuit.
Today comes news that the breach may have originated with Fazio Mechanical Services, a small heating and refrigeration contractor based in Pittsburgh.

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Over 20 Leading U.S. Companies Remove their “Go green, Go Paperless” Claims

January 22, 2014  |  Electronic Invoicing, Featured Articles, Research  |  Comments Off

Over 20 leading U.S. companies have removed their "anti-paper" green claims, used to promote electronic billing and other e-services as a more environmentally-friendly solution than paper. These companies are primarily top Fortune 500 organizations in the banking, utilities and telecommunications sectors.
The removals follows on an educational campaign by Two Sides U.S. to correct greenwashing related to print and paper products.

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Europe extends SEPA transition with 6 months to ultimately August 2014

January 10, 2014  |  Europe, Featured Articles, Payment  |  Comments Off

The European Commission considers this measure necessary in order to reduce the likelihood of both domestic and cross border payment disruptions.
Technically, the current deadline of February 1 remains in effect, but the European decision enables an ultimate additional transition period of six months during which domestic payments without IBAN number can still be made, in other words: payments that not yet meet the new European standard.

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Breaking: Tungsten/OB10 receives USD 200mln funding for -UK- supply chain finance

Breaking: Tungsten/OB10 receives USD 200mln funding for -UK- supply chain finance

January 8, 2014  |  Electronic Invoicing, Featured Articles, Supply Chain Finance  |  Comments Off

Today Tungsten (the organisation that acquired OB10 last year September) announced that Blackstone Tactical Opportunities has agreed a $200mln funding deal that will allow Tungsten to provide customers supply chain finance. Tungsten, valued at $225mln before this deal was made public, is aiming to acquire the UK arm of the First International Bank of Israel to create an invoice discounting business.
The deal shows that OB10, now a Tungsten company, is looking what lies well beyond e-invoicing: supply chain finance.

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Descartes acquires Compudata, a Swiss B2B supply chain integration and e-invoicing provider for USD 17.9mln

December 23, 2013  |  Electronic Invoicing, Europe, Featured Articles, Merger, Acquisition, Funding  |  Comments Off

After InterCommIT, Infodis and KSD it is now time for Compudata to be acquired by Descartes. Compudata is one of the bigger providers of B2B supply chain integration and e-invoicing solutions in Switzerland.
The all cash purchase price for the acquisition was CHF 16.0 million (approximately USD $17.9 million at December 20, 2013). Descartes funded the purchase price for this acquisition by drawing on its existing acquisition line of credit.

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Introducing: the Ocean Freight Industry E-invoicing Standards Advisory Board

December 13, 2013  |  Cooperation, Electronic Invoicing, Featured Articles  |  Comments Off

Established in 2010, the EIPP Standards Advisory Board (SAB) is a self-funded and governed organization, comprised of executives from many of the leading ocean carriers and freight forwarders. The SAB gathers regularly throughout the year to discuss, develop and decide on collaborative e-Invoicing message and process standards for the ocean freight industry. At its latest meeting the SAB focused on some interesting upcoming interoperability best practices.

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Portugal mandates use of certified electronic invoicing software

December 5, 2013  |  Compliance, Electronic Invoicing, Europe, Featured Articles, Government, Legal  |  Comments Off

On November 22, 2013, the Portugese Ministry of Finance published Ordinance Nº 340/2013. The ordinance includes modifications to the certification process for electronic billing software and solutions.
As of now all e-invoicing software must be audited and certified by the Portugese Tax Authority: the Direcção Geral de Contribuições e Impostos (the DGCI). That said, all proprietary software will no longer be considered valid without proper certification. Even if it follows the XML file construction criteria with inclusion of the mandatory fields proposed by the tax authorities!

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The status on Spanish E-Invoicing – A Step Closer to Paperless Administration

December 2, 2013  |  Electronic Invoicing, Europe, Featured Articles, Government  |  Comments Off

The Spanish Ministro de Hacienda y Administraciones Públicas (Ministry of Finance and Public Administration) issued a nice communication on the status of e-invoicing in Spain. The communication provides us with a general introduction to Spanish e-invocing, their position on e-invoicing formats, the current Spanish e-invoicing legislation, the General e-Invoice Entry Point (FACe) and the way Spain is to mandate B2G electronic invoicing.

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RICOH Facilitates Global Invoice Automation for Booking.com

November 25, 2013  |  Cooperation, Featured Articles, Invoice Automation  |  Comments Off

Booking.com has grown rapidly since its founding in 1996 and continues to do so. The purpose of Booking.com is to allow their customers the most efficient and cost-effective way to search through the site and then let them book as easily as possible.
To facilitate this strong growth and at the same time relieve the pressure on the Accounts Payable team, Booking.com has partnered with Ricoh for the global automation of the entire process of invoice processing.

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The EU E-invoicing Forum reports are final. And these are the 32! recommendations

Some two years ago, the European Multi Stakeholder Forum on Electronic Invoicing was set up by the European Commission. The goals of the forum were to exchange experiences and best practices, to monitor the uptake of e-invoicing in all Member States, and to identify measures to facilitate the mass adoption of e-invoicing at both national, cross border and EU level. During the forum’s last meeting the findings and reports from its working groups were made final and published. To make things easy on you, we’ve collected the 32 recommendations and listed them underneath.

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