Pine & Cone Oy (Pinecone), a payment institution regulated by the Finnish Financial Authority, the forerunner of SEPA Request-to-Pay solutions in the SEPA area, and the first SEPA Request-to-Pay scheme participant certified in the EBA Clearing SRTP network and Partner Hub, developing the CharlieIndia platform, fintech awarded by SWIFT and EFMA in 2021, a leading provider of e-invoicing embedded services for business banking in central Europe with the live implementation of e-invoice presentment/payment service with real-time payments in bank B2B/B2C eco-systems, both companies presenting @EBAday Fintech Zone, have joined forces to showcase:
The first SEPA Request-to-Pay (SRTP) e-invoicing transactions on the EBA Clearing SRTP network, go through the whole lifecycle from e-invoice creation, request2pay consent, and instant payment executed and reconciled between 2 businesses including user experience & interface for both seller and buyer in a corporate banking app.
As demonstrated last year by an EBA Clearing study, the most value and expected use case by corporates in Europe for a pan-European SEPA Request2pay service is e-invoice presentment and payment. Moreover, with the EU e-invoicing directive and the various e-invoicing mandates imposed by tax authorities across Europe on corporates for B2C and B2B flows with a deadline of 2022-2025, the demand and pressure in the e-invoicing market are increasing dramatically.
Yet the Request2Pay service of EBA Clearing launched last year with 27 Banks has not yet really taken off, probably waiting for service providers to materialize easy and flexible solutions.
Pinecone and CharlieIndia pride themselves to be the first to deliver a ready “as a service” solution with open banking API enabling e-invoicing & SRTP integrated into a seamless corporate user experience while being able to initiate and reconcile SEPA payments for both sellers and buyers through the bank corporate banking channels.
The banks and the PSPs in Europe with low effort and investment can take advantage of this new combined e-invoicing/SRTP platform as an open banking API service to integrate rapidly, and efficiently SEPA e-invoice presentment/payment service responding pro-actively to the high demand of corporates in the European market.
Consumers, businesses, banks, and PSPs benefit from the invoice-to-payment service that will support the SEPA Request-To-Pay scheme.
The service massively improves the user experience for the payer, as they receive/approve e-invoices and initiate SEPA payments in a single step and within the familiar digital environment of their bank. The corporates can not only enjoy the zero-error payments as approved payment request dates are mapped automatically and accurately to payment instructions but can also reduce the processing costs by up to 90 % compared to manual paper-based invoice flow. The banks and the PSPs in SEPA get a unique opportunity to strengthen their corporate relationships while making more e-invoice/payment transactions through their channels with associated additional revenue.
The further key advantage is the easy integration into the banks’ environments with open banking API, thereby enabling fast, seamless and cost-effective implementations with corporate banking user interfaces.
Last but not least, e-invoicing means reductions in paper invoices, contributing to the reduction of carbon footprint and the protection of the environment.
In the European “première”, Pinecone and CharlieIndia will demonstrate it on their EBAday Fintech zone stands in Vienna.
Sami Karhunen, CEO, PineCone, said:
“E-invoicing is vital for the European economy. The banks and regulating authorities in different European countries are now deciding that the existing domestic e-invoicing services and non-digital invoicing methods will be gradually replaced by a new standardized and real-time Europe-wide solution based on SEPA Request-to-Pay. In the next three years, the SEPA Request-to-Pay will grow rapidly to become the most popular everyday account-to-account payment method on e-commerce and in-app, and the most popular B2C and B2B e-invoicing method. Our cooperation with Charlie-India helps make the future a reality now”.
Péter Malaczkó, CEO, CharlieIndia, added:
“The CharlieIndia EIPP platform has been at the forefront of e-invoicing automation and real-time payment integration with the bank B2B/B2C eco-systems for a couple of years, as the Hungarian market has introduced request2pay and ACH real-time payments before SEPA. Having real-time payments coupled with the e-invoicing regulation-making invoice data accessible, we could demonstrate the combined value of e-invoicing and request-to-pay for business customers. Through our cooperation with Pinecone, we give the SEPA scalability dimension to our platform and can be a great market accelerator all over Europe in embedding it in corporate banking and marketplaces”.
About Pine & Cone Oy: www.pinecone.team
About Partner Hub: www.charlieindia.org
Contact for communication and demo:
- Janne Ruskeeniemi CTO janne.ruskeeniemi@pinecone.team +358 44 325 3205
- Katalin Kauzli BDD katalin.kauzli@partnerhub.hu +36 20 539 6527
Source: The press release by CharlieIndia
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