The lack of common international standards is hampering the use o...
The lack of common international standards is hampering the use of electronic invoices, the United Nations Economic Commission for Europe (UNECE) said this week. E-invoicing can create substantial savings for businesses, aid the transition to paperless commerce, and help…
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fight corruption, UNECE said. Despite laws and regulations to encourage e-invoice use, however, more than 95% of U.S. and European bills are still paper, it said. To address the lack of standards for layout and data elements, legal requirements and the XML message, the UN Centre for Trade Facilitation & Electronic Business (UN/CEFACT) launched a project to review its rules on invoicing for international trade and adapt them to the business and regulatory requirements of e-invoicing. Contributors to the project include the International Air Transport Assn., Pricewaterhouse Coopers, and the European Committee for Standardization, UNECE said. Preliminary results could be out in late June.