In the corporate market, banks see potential for generating additional revenue by integrating e-invoicing with existing cash management, supply chain and financing services.

However, in the absence of widely accepted standards. many see their projects as long-range efforts, with an average estimated five year payback in terms of return on investment.

Swift says its potential involvement in the market was welcomed by approximately three-quarters of the banks surveyed.

The Euro Banking Association and an EU Commission Expert group are currently researching the market for e-invoicing and the potential for wider banking industry involvement.

Swift says it will await the findings of both these efforts before setting up its own Ad Hoc advisory group. This would seek to set out and test a business case for an interoperable e-invoicing platform, and identify the key functionality and the role of Swift and other parties in the provision of this capability.

Source: www.finextra.com