Hansjörg Nymphius, head, financial supply chain product management, Global Transaction Banking, Deutsche Bank, says the effectiveness of the EU's directive was hampered by the emphasis it placed on electronic signatures as a means of authenticating electronic invoices.
"The issue that the industry faced in Europe was that an electronic bill was only accepted by the tax authorities if it contained a qualified electronic signature.That was an inhibitor on the B2B side," he
says trying to convince companies that they can save can save the minimal cost of a stamp by sending invoices or bills electronically is not inducement enough in some cases."In parts of Germany, for example, where payment methods are already efficient, it can be more difficult to convince a payer of the benefit of receiving an invoice electronically," he
says."That is typically why banks have more success emphasizing the benefits of e-invoicing in the context of the overall financial supply chain and enhanced working capital management."Nymphius
maintains that the complete benefits of e-invoicing can best be achieved only when there is full electronic integration of the financial supply chain.