The e-invoicing playing is opening up. SWIFT has also entered the e-invoicing space by looking how existing SWIFT components can be reused linking transmitted invoice data to other trade and payment messages that its network carries.
Though the ad hoc working group is also comprised of billing services providers (>95% market share), it is clear that SWIFT aims to provide banks (<5% market share) with a competitive edge on e-invoicing. Andre Casterman told at SIBOS that “For SWIFT the main mission is to help banks extend cash management and financing services and grow payment related revenue.”
SWIFT aims at:
-Network
The SWIFT network contains of said 9,000 financial institutions.
- Interoperability
These financial institutions are connected to a growing number of non-bank service providers.
- Chain digitalisation
Invoice data can be linked to other trade and payment messages.
- Standardisation
SWIFT supports the development of the ISO 20022 Financial Invoice standard for e-invoicing.
- Recycling
The need for investment is lower as banks can re-use existing SWIFT components and know how to run the systems.
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