Originally, the goal of Pan-European Public Procurement On-Line (PEPPOL) was to simplify electronic procurement processes between government agencies across Europe and their suppliers. However, PEPPOL has been growing in importance not only in Europe, but outside of Europe as well, including in Singapore, Australia and New Zealand.
Singapore stands out as an example to other non-European countries considering supporting domestic and cross-border e-invoicing via PEPPOL. On January 21, 2020, the Singapore Government announced it can accept e-invoices via the nationwide E-invoicing network.
The benefits of PEPPOL
Last year I wrote a blog about the growing adoption of PEPPOL and why it pays to be a PEPPOL person. Singapore’s latest announcement demonstrates that the European PEPPOL e-invoicing network continues to expand worldwide. It’s no wonder that PEPPOL adoption is growing. Participants of the PEPPOL network can exchange business documents automatically and without manual intervention. Additionally, participants of the PEPPOL network can expect many business benefits, including the ability to:
- Get paid faster – using a universal standard in e-invoicing results in faster invoice processing, validation and payment times
- Reduce cost – e-invoices reduce the cost of manually storing and retrieving hardcopy invoices
- Improve efficiency – avoid error-prone manual data, skip labor intensive processes and streamline processes
- Access new financing options – e-invoicing allows for accurate and near-real time visibility of payment cycles and efficient cash flow management, also enhanced business sustainability, growth and supply chain financing
- Transact internationally – this network is an extension of the International PEPPOL E-Delivery Network allowing enterprises to transact internationally with other linked companies.
Connect with government agencies in Singapore with OpenText
OpenText™ Business Network, already the world’s largest network to enable organizations to exchange business documents and automate business processes, is one of the first certified Access Point providers to help businesses connect with government agencies in Singapore through the PEPPOL framework.