e invoices pave way for Bank loans

e invoices pave way for Bank loans

What is e-Invoicing?

Electronic invoicing (e-Invoicing) is the exchange of the invoice document between a supplier and a buyer in an integrated electronic format. Traditionally, invoicing, like any heavily paper-based process, is manually intensive and is prone to human error resulting in increased costs and processing lifecycles for companies.

Since this allows for a number of formats to be employed, it is useful to apply the following guidelines:

An e-Invoice

  • Structured invoice data issued in Electronic Data Interchange (EDI) or XML formats
  • Structured invoice data issued using standard Internet-based web forms

Not a true e-Invoice

The following can be considered to be not a true invoice.

  • Unstructured invoice data issued in PDF or Word formats
  • Paper invoices sent via fax machines
  • Scanned paper invoices

The above article from Business lines suggests that e-invoices could become a medium for bank loans.

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