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Showing posts with label services. Show all posts
Sunday, August 4, 2024
Sunday, July 21, 2024
The Future of Invoicing: How a Unified E-Invoice Format Can Simplify Global Compliance in 2028
Most of the people knows that Germany is going to implement E-Invoicing in all sectors which aliens with global trends of digital transformation and it is spreading to all over countries in the world.
What is E-Invoicing
Invoice should be sent electronically to respective buyers in different sectors and it should
be in same standardized format which can support both sender and receiver parties.
Benefits of E-Invoicing
Cost Savings
Increased efficiency
Improved Accuracy
Increased transparancy
Easy Compliance
Faster Processing Times
Better Supplier Relationships
Here is the list of E-Invoicng formats which are using in different countries in different formats
- **PEPPOL (Pan-European Public Procurement Online)**: Used in many European countries.
- **UBL (Universal Business Language)**: Used in various countries and industries.
- **Facturae**: Spain.
- **FatturaPA**: Italy.
- **Factura XML**: Mexico.
- **e-Invoice (GST)**: India.
- **ZUGFeRD**: Germany.
In future, E-Invoice formats are different for each country and it is not easy process
invoices when doing business / buying things from different countries. Sellers will have
knowledge on the E-invoicing format which is following in their country and they feel
difficult to understand the other countries E-Invoicing formats and generate E-Invoice
in format of country from where they have received the order. Due to globalization any company
can receive orders from any where in the world and compnaies should be in position to ship the
goods / provide service and they should be in postion to create E-Invoice send to respective
customers in format which acceptable in their countries
By Analyzing multiple E-Invoicing formats which are formally allowed in different countries
and come up with common E-Invoice standard which can support any country followed / accepted E-invoice
format. So that it can work like EDI integration working between two business houses. But
it doesn't require complex EDI integration setup & maintainance and not required to buy any EDI
software applications and corresponding licenses.
To build this common invoice standard we can use some open source inhouse application which can support receive invoices or generate invoices in standard format and converted into country specific E-Invoice formats and vice versa. It will have API functionality. Mainly this service can utilized by the any size of business customer and doesn't require much investment in this application.
Here I am providing some sort of soultion in high level with example of processing
of ZUGFeRD (Germany) e-invoice format
Here is the ### Unified Format (common format) of E-Invoice
```json
{
"invoice": {
"invoiceNumber": "string",
"invoiceDate": "string",
"supplier": {
"name": "string",
"address": "string",
"taxIdentifier": "string",
"country": "string"
},
"buyer": {
"name": "string",
"address": "string",
"taxIdentifier": "string",
"country": "string"
},
"lineItems": [
{
"description": "string",
"quantity": "number",
"unitPrice": "number",
"totalAmount": "number",
"taxes": [
{
"type": "string",
"rate": "number",
"amount": "number"
}
]
}
],
"totalAmount": "number",
"totalTaxes": "number",
"digitalSignature": "string",
"extensions": {
"countrySpecificField1": "string",
"countrySpecificField2": "string"
}
}
}
```
Here is the ### ZUGFeRD Sample Invoice (Simplified XML)
```xml
Here is the mapping between Unified E-Invoice Format and ZUGFeRD (Germany) E-Invoice format
| | ZUGFeRD Field | |Unified Format Field | |
|---|---|
| || `<ram:ID>` | |`invoice.invoiceNumber` | |
| || `<ram:IssueDateTime><udt:DateTimeString>` | |`invoice.invoiceDate` | |
| || `<ram:SellerTradeParty><ram:Name>` | |`invoice.supplier.name` | |
| || `<ram:SellerTradeParty><ram:PostalTradeAddress><ram:LineOne>, <ram:CityName>, <ram:PostcodeCode>, <ram:CountryID>` | |`invoice.supplier.address` | |
| || `<ram:SellerTradeParty><ram:SpecifiedTaxRegistration><ram:ID>` | |`invoice.supplier.taxIdentifier` | |
| || `<ram:SellerTradeParty><ram:PostalTradeAddress><ram:CountryID>` | |`invoice.supplier.country` | |
| || `<ram:BuyerTradeParty><ram:Name>` | |`invoice.buyer.name` | |
| || `<ram:BuyerTradeParty><ram:PostalTradeAddress><ram:LineOne>, <ram:CityName>, <ram:PostcodeCode>, <ram:CountryID>` | |`invoice.buyer.address` | |
| || `<ram:BuyerTradeParty><ram:SpecifiedTaxRegistration><ram:ID>` | |`invoice.buyer.taxIdentifier` | |
| || `<ram:BuyerTradeParty><ram:PostalTradeAddress><ram:CountryID>` | |`invoice.buyer.country` | |
| || `<ram:IncludedSupplyChainTradeLineItem><ram:SpecifiedTradeProduct><ram:Name>` | |`invoice.lineItems[n].description` | |
| || `<ram:IncludedSupplyChainTradeLineItem><ram:SpecifiedLineTradeDelivery><ram:BilledQuantity>` | |`invoice.lineItems[n].quantity` | |
| || `<ram:IncludedSupplyChainTradeLineItem><ram:SpecifiedLineTradeAgreement><ram:GrossPriceProductTradePrice><ram:ChargeAmount>` | |`invoice.lineItems[n].unitPrice` | |
| || `<ram:IncludedSupplyChainTradeLineItem><ram:SpecifiedLineTradeSettlement><ram:SpecifiedTradeSettlementLineMonetarySummation><ram:LineTotalAmount>` | |`invoice.lineItems[n].totalAmount` | |
| || `<ram:IncludedSupplyChainTradeLineItem><ram:SpecifiedLineTradeSettlement><ram:ApplicableTradeTax><ram:TypeCode>` | |`invoice.lineItems[n].taxes[m].type` | |
| || `<ram:IncludedSupplyChainTradeLineItem><ram:SpecifiedLineTradeSettlement><ram:ApplicableTradeTax><ram:RateApplicablePercent>` | |`invoice.lineItems[n].taxes[m].rate` | |
| || `<ram:IncludedSupplyChainTradeLineItem><ram:SpecifiedLineTradeSettlement><ram:ApplicableTradeTax><ram:CalculatedAmount>` | |`invoice.lineItems[n].taxes[m].amount` | |
| || `<ram:SpecifiedTradeSettlementMonetarySummation><ram:GrandTotalAmount>` | |`invoice.totalAmount` | |
| || `<ram:SpecifiedTradeSettlementMonetarySummation><ram:TaxTotalAmount>` | |`invoice.totalTaxes` | |
Here is the output of E-Invoice in Unified Format from ZUGFeRD format
```json
{
"invoice": {
"invoiceNumber": "INV001",
"invoiceDate": "2023-07-19",
"supplier": {
"name": "Supplier Name",
"address": "123 Supplier St, Supplier City, 12345",
"taxIdentifier": "DE123456789",
"country": "DE"
},
"buyer": {
"name": "Buyer Name",
"address": "456 Buyer Ave, Buyer City, 67890",
"taxIdentifier": "DE987654321",
"country": "DE"
},
"lineItems": [
{
"description": "Product Description",
"quantity": 10,
"unitPrice": 10.00,
"totalAmount": 100.00,
"tax
es": [
{
"type": "VAT",
"rate": 10,
"amount": 10.00
}
]
}
],
"totalAmount": 110.00,
"totalTaxes": 10.00,
"digitalSignature": "",
"extensions": {}
}
}
```
Above mentioned output document will be pushed / send to the buyers in elctronic form.
Thursday, June 27, 2024
Privacy Policy for sriniedibasics.blogger.com
Tuesday, January 30, 2024
What are main risks facing by bank customers while providing open banking by banks
Open banking, while promising exciting opportunities, also comes with some potential risks for bank customers. Here are some of the main concerns:
Data Security and Privacy:
- Increased attack surface: Sharing financial data with third-party providers expands the potential attack surface for hackers and fraudsters. Weaknesses in any point of the data-sharing chain can be exploited to steal sensitive information.
- Misuse of data: Customers need to be vigilant about how their data is used by third-party providers. There's a risk that data could be sold for targeted advertising, profiling, or even discriminatory practices.
- Phishing and scams: Malicious actors may exploit open banking systems with sophisticated phishing scams, tricking customers into sharing their data with illegitimate providers.
Financial Fraud and Scams:
- Account takeover: With access to open banking APIs, fraudsters may attempt to take over customer accounts and steal funds. Strong authentication and security measures are crucial to prevent this.
- Unauthorized payments: Third-party providers could potentially initiate unauthorized payments from customer accounts if vulnerabilities are present in the API technology.
- Money laundering and terrorism financing: The increased complexity of transactions through open banking systems could make it easier for criminals to launder money or finance illegal activities.
Competition and Consumer Protection:
- Discrimination and unfair pricing: With access to detailed financial data, third-party providers might offer services or pricing based on discriminatory factors, disadvantaging certain customer groups.
- Lack of awareness and understanding: Customers may not fully understand the risks and implications of sharing their data through open banking, leading to potential harm.
- Uncertainty of regulatory landscape: Open banking regulations are still evolving, and uncertainties may create ambiguity for both customers and providers, potentially impacting consumer protection.
These are just some of the main risks that bank customers face with open banking. It's important for banks and regulators to implement robust security measures, strong data protection practices, and clear consumer education initiatives to mitigate these risks and ensure a safe and beneficial open banking experience for everyone.
Remember, while open banking presents challenges, it also offers enormous potential for improving financial services and empowering customers. By staying informed and taking precautions, you can reap the benefits of open banking while minimizing the risks involved.
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