Tieto’s e-invoicing service supports the new ISO 20022 standard

December 13, 2010  |  Electronic Invoicing, Invoice Automation

Tieto’s e-invoicing service supports the new ISO 20022 standard - the Universal Financial Industry Message Scheme - issued in December 2010. The launch of this standard, which promotes the global implementation and development of e-invoicing and e-services frameworks, will enable the introduction of an international e-invoicing solution, in place of national or industry-specific ones.

Tieto offers businesses a standardized and ISO 20022-compliant e-invoicing service capable of both sending and receiving invoices. This service is already available to the company’s 200 000 customers and their partners.

The new e-invoicing standard eliminates most, if not all, technical interoperability problems between existing standards. This makes international e-invoicing simpler and more effective, and improves content quality as well as reducing user costs. Implementing the standard will reduce the extra conversions usually required at both the sending and receiving end. It also provides a solid foundation for further service development and the digitalizing of business transactions in global partnerships.

Tieto’s existing e-invoicing customers do not need to change their operations; its e-invoicing service will automatically perform any conversions required by the new e-invoicing standard. ISO 20022 is expected to be implemented quickly on the international market. Tieto will work to ensure the continuity of current services and their interoperability with solutions already compliant with the new standard. The standard also ensures compatibility with SEPA (Single Euro Payment Area) payment traffic.

Merja Fischer, a director at Wärtsilä, comments: “In financial administration, electronic services improve the efficiency and productivity of order and delivery processes. This in turn helps improve profitability. We believe that the new e-invoicing standard will help in the development of international partnerships and so promote the global take-up of e-invoicing.”

Tapani Turunen, Tieto’s director of e-Trade, says: “Compliance with international standards is a must in international operations. Tieto is committed to supporting the long-term development and digitalization of trade and finance processes.” Mr Turunen chairs the ISO 20022 Trade Services Standards Evaluation Group, which promotes the standardization of the financial industry.

www.iso20022.org
www.tieto.com/iso20022


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