First 50,000 qualifying businesses in Singapore that register for PEPPOL will receive $200 from IMDA's e-Invoicing Registration Grant |
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For more information about IMDA’s grant, please visit imda.gov.sg/einvoice.
First 50,000 qualifying businesses in Singapore that register for PEPPOL will receive $200 from IMDA's e-Invoicing Registration Grant |
|
|
For more information about IMDA’s grant, please visit imda.gov.sg/einvoice.
Pan-European Public Procurement On-Line (PEPPOL) is an e-Invoicing standard that enables a standardised way of issuing and receiving E-Invoices between businesses.
The PEPPOL E-Invoicing standard is a fast-growing standard adopted by many countries. In 2019, the Infocomm Media Development Authority (IMDA) launched the nationwide E-Invoicing network based on PEPPOL standards.
UOB has been working actively with IMDA to drive PEPPOL adoption across the nation. UOB is able to help and complement businesses, regardless of size, in their drive to go digital.
Companies that wish to adopt e-invoicing must subscribe to an Access Point (AP) provider or use an existing solution provider that is PEPPOL-enabled. UOB has existing partnership arrangements with AP and solution providers that can cater to your business needs, and you can gain access to a PEPPOL AP provider through UOB. By connecting via our PEPPOL AP / solution provider, you can connect to other businesses across the entire PEPPOL network (i.e. connect once, connect all) both locally and globally. Businesses that are PEPPOL-enabled will also be able to use the PEPPOL invoice for our Cash and Financing services.
Register instantly via our eForm.
PEPPOL (Pan-European Public Procurement Online) is an international E-Document delivery network allowing enterprises to transact with other linked companies.
In Jan 2019, IMDA launched Nationwide E-Invoicing Network based on PEPPOL standard. Clients who sign up for the PEPPOL network will be able to transact with overseas companies that are already on the PEPPOL network. PEPPOL is in use in 28 countries in Europe, as well as Australia, Canada, New Zealand, Singapore and USA, and there are PEPPOL Authorities placed in 13 countries.
In a common business scenario today, an invoice is either a hard copy document or a PDF file sent to the recipient organisation either by the postal service or by email. This is a single-sided operation requiring your recipient to re-enter the details of the invoice into their own accounting system (as accounts payable). A more complete and secure solution would involve the transmission of data from the supplier’s system to the buyer’s system without human intervention. With PEPPOL invoices, there will be a reduction in paper work and errors / discrepencies as PEPPOL standardises the invoicing format between buyers and sellers.
Studies have shown that E-Invoicing improves the time required for payment of invoices from 45% to 92%, saving time and money.
Additionally, it reduces duplicated effort, usually of finance teams, who have to key in information, print out the same information on PDF or paper before sending it across to the recipient via email or snail mail.
E-Invoicing also minimises most transcription errors – known to excessively delay processing and costing as much as $72 to rectify a single invoice.
Lastly, it is also more eco-friendly and helps use less paper.
A business that wishes to adopt PEPPOL E-Invoicing must first subscribe to an Access Point (AP) or Solution Provider. They can then send their E-Invoices to their AP or via their Solution Provider who delivers the E-Invoices on their behalf to APs that serve the receiving parties. The exchange of E-Invoices between the APs are done in a standard PEPPOL format. Each business needs to connect to only one AP, and through that they are connected to all parties in the network.
UOB has existing partnership arrangements with different AP partners to suit your business' digital readiness. UOB will refer you to an appropriate AP partner that can meet your business needs. You will also get to enjoy preferential rates if you choose to adopt UOB's PEPPOL AP provider.
You may contact your RM for guidance on the sign-up process.
You may also use the eForm on uob.com.sg/peppol to register your interest and our partnered AP providers will reach out to you on the on-boarding process.