Initiative for electronic invoicing and payment, and automated accounts receivable reconciliation services, seeks to dramatically streamline corporate accounting processes
Japan’s Mizuho Bank, Ltd. and Fujitsu Limited today announced that they have launched a field trial aimed at providing electronic invoicing and payment, along with automated accounts receivable reconciliation services.
The goal is to build a system to unify information relating to business transactions into a standard format and exchange it electronically between companies.
The field trial will use services called Electronic Invoice Presentment and Payment (EIPP) and Electronic Data Interchange (EDI).
It is based on an agreement, signed by the two companies on July 29, to investigate invoice and payment digitisation and accounts receivable reconciliation automation services.
Financial EDI is expected to offer a variety of benefits, including automation and more efficient transactions.
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Given this, the two companies have considered links with a shift to XML telegrams for domestic payment instructions between companies being advanced by the financial services and manufacturing industries. They also have begun an initiative to build a pilot system aimed at providing the type of services.
The field trial aims to digitise all transactions from invoice to payment and receipt, and to dramatically improve automation of accounts receivable reconciliation for companies by implementing EIPP and financial EDI in the invoice and payments processes of business transactions.
The trial period for pilot system construction is scheduled to run from July 2016 to October 2016. Effectiveness verification for the field trial will take place between November 2016 to March 2017.
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This field trial will examine the system’s effectiveness and business potential with regard to the following:
– Process optimisation and cost reduction.
– Enhancement of internal controls and acceleration of settlements.
The two companies are studying the feasibility of creating a possible common environment that could also improve back-office productivity and enable business process outsourcing of credit management tasks for companies.
Through this field trial, the two companies will work to develop advanced settlement services that lead to efficiencies in corporate accounting processes, to promote the creation of new businesses and convenient services using ICT.
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