EU takes giant leap towards e-invoicing standardisation
A significant milestone in the adoption of an European E-invoicing standard (EN) has just been achieved. The European Committee for Standardisation (CEN) recently announced that the e-invoice model proposed for standardisation was unanimously approved by the Committee.
This move reduces significant friction points that the EU has faced when processing multi-format invoices for government procurement projects. An accepted standard model for e-invoices brings the EU one step closer to adopting a common e-invoicing system and protocols.
There are still some hurdles to address, however, before e-invoicing standardisation is fully implemented. For example, some intellectual property created by CEN may not be made publicly available. In addition, some of the national extensions of the European Electronic Invoice Standard will not be legally binding, potentially causing friction between those who voluntarily accept the standards and those who do not, though providers still need to ensure they comply with national legislation.
Despite these obstacles, the move toward adoption of a B2G e-invoicing standard means that businesses can look forward to a more frictionless environment, at least as it pertains to the procurement and invoicing interaction between business and government across the EU.