E-invoicing in The United States
The Business Payments Coalition (BPC) is a volunteer group of organizations and individuals working together to promote greater adoption of electronic business-to-business (B2B) payments, remittance data, and invoices.
Exchange Electronic Invoices
The BPC has launched a pilot to build and test a virtual network that will enable businesses of all kinds to exchange electronic invoices with one another by establishing a secure, open e-invoice delivery framework between service providers. Participants of the project have extensive expertise or experience electronic invoicing solution, such as sending, accepting or processing e-invoices, knowledge of e-invoice exchange frameworks. The pilot will run through year-end 2022 to establish an operational B2B invoice exchange framework for the U.S. market in 2023.
New E-invoicing Solution
The four-corner framework model consists of the following stakeholders and roles for each corner:
- Corner 1 (C1) = Sending Business (Seller)
- Corner 2 (C2) = Sending Access Point Service Provider (Sending Access Point)
- Corner 3 (C3) = Receiving Access Point Service Provider (Receiving Access Point)
- Corner 4 (C4) = Receiving Business (Buyer)
The sending and receiving businesses in corners 1 and 4 are the benefactors of the exchange framework and do not need to adopt the exchange standards or make changes to their existing systems. The sending and receiving Access Points in corners 2 and 3 are the stakeholders that need to implement support for the exchange standards and facilitate the delivery of e-invoices. The graphic provides a detailed description of the process of sending and receiving invoices through an electronic invoice framework, and illustrates the role of each stakeholder in the four-corner model.
There’s more you should know about e-invoicing in USA – learn more about the new and upcoming regulations.
