RBS e-Invoicing wins Banking Technology award
December 2012

RBS collected the award for Best Use of IT in Wholesale/Transaction Banking for its UK-based e-Invoicing solution. With industry forecasts indicating that global trade will grow rapidly over the next 15 years and the European Commission wanting electronic invoicing to be the norm by 2020, the full automation of buyer/supplier finance solutions is an inevitable trend. RBS showed how it is leading the way.

Until recently, e-Invoicing has only been available from third-party IT specialists or outsourcers banks choose to partner with. Their rights to the technology are restricted, with increased costs and security issues also a concern. RBS stepped up to provide value by offering a wealth of advantages for both buyers and suppliers.

Key Objectives of the Technology

• Reduce invoice processing costs for buyers and suppliers.
• Decrease invoice cycle times, opening up timely invoice-based finance, such as early payment discount.
• 100% removal of paper invoices (using RBS Invoice Scan & Capture), delivering reductions in carbon footprint.

Features that Deliver These Objectives

• Immediate communication of invoice approval status between the buyer and the financing institution, initiating the payment process.
• Automated communication of payables’ details to the financial institution.
• Support for the entire procure-to-pay process: electronic purchase orders, invoices, credit notes and other electronic trading documents.
• ERP agnostic platformcan be integrated with any accounting system.
• Presentation of an existing critical mass of payables that can be selected for financing.
• Embedded contractual compliance in the accounts payable process, through the application of buyer specific validation rules.
• Invoice Scan & Capture, integrated with the e-Invoicing portal and buyer’s ERP system.
• Digital signatures applied to e-invoices guaranteeing compliance with HMRC VAT rules and the EU Directive 2006/112/EC.

Some of the most prestigious awards in the industry, the awards reflect excellence across a range of IT activities in banking and financial services.

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