Electronic Bank Services Billing – Invoicing can be fun

As the business world becomes digitalized, corporates welcome opportunities to optimize their internal workflows.

In the European financial arena, one area attracting growing attention is Bank Services Billing, which promises to reduce the efforts involved in processing invoices. Unlike UK/US banks, their European counterparts are the most part not yet providing the relevant information either electronically or in standardised form. Of course, there are a number of challenges to be overcome by both banks and corporates for real improvements to take effect. But the benefits certainly outweigh the problems for all parties. For corporates in particular, introducing a standard software application for interacting with the banks and automating the internal processes promises a significant increase in efficiency.

Omikron’s latest White Paper includes an in-depth analysis of the challenges associated with this topic and outlines the solution approaches best geared to the future. Details include a summary of how electronic invoicing has evolved and the current status in Europe. From this starting point, the paper goes on to show how corporates can handle the transition to electronic settlement of Bank Services Billing. Corporates clearly benefit from the transparency and the removal of intermediaries in the electronic invoicing process. Banks stand to gain from the elimination of the manual efforts for creating multiple formats, maintaining multiple interfaces and generating and mailing expensive paper documents. Beyond that, banks delivering a standardized software solution have an opportunity to build their customer relationships and generate new business opportunities.

Omikron’s White Paper describes in detail the opportunities emerging from an integrated electronic Bank Services Billing solution. You can download your personal copy of Omikron’s White Paper here :

White Paper electronic Bank Services Billing