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InvoiceNow
What is InvoiceNow?
InvoiceNow allows direct transmission of invoices in structured digital format rom one finance system to another using the Nationwide E-delivery network, which is based on Peppol, allowing for the invoice to be flipped to E-payments such as Paynow directly.
Why is InvoiceNow different?
It is a more complete solution which include the transmission of data from supplier system to buyer system without human intervention and potentially allow for the InvoiceNow invoice to be paid seamlessly.
How are the banks involved in InvoiceNow?
InvoiceNow is supported by ABS which is the Association of banks in Singapore, as both InvoiceNow and PayNow are UENbased. Supporting banks are working on solutions that allow users to flip InvoiceNow invoices to payment (such as PayNow) directly cutting down on complexity and reducing business friction.
