What is InvoiceNow?
A way to allow invoice to be flipped to e-payments such as PayNow directly using the Nationwide E-delivery network, based on Peppol. Invoice Now will help both Small and Medium Enterprises (SMEs) and Large Enterprises (LEs) enjoy smoother Invoicing, faster payments, and a better way to save the environment as it will reduce the printing of paper invoices.
It transmits the data from the supplier system to the buyer system without human intervention which allows for the InvoiceNow invoice to be paid seamlessly without any human error.
Supported by the Association of Banks in Singapore (ABS) as both InvoiceNow and PayNow are UEN based. InvoiceNow covers business to business transactions only
What are the benefits of using InvoiceNow
Get paid faster
InvoiceNow speeds up the accounts payable workflow by sending your invoice directly into your customers’ accounting software, pre-populated and ready to be processed and paid, so you’re likely to be paid faster.
No more printing of paper invoices thus reducing cost and easier storage and
Transact Internationally Seamlessly
Send and receive e-invoices seamlessly using the same universal standards across all overseas businesses on the InvoiceNow network.
How to Register
Visit the Invoici site and navigate to the integration page and click Connect to Xero. Log in to Xero using your Xero credentials
Click Allow access and choose the Xero organisation to connect to Invoici from Xero.
Invoici from Xero collects organisational information from your Xero organisation. Review this information and ensure that a unique company identifier is entered in the appropriate field. This should be your organisation’s UEN (Unique Entity Number).
Once you’re happy the information is correct, tick the checkboxes and click Confirm Details. You’ll see confirmation that your Xero organisation is now connected to the Peppol e-invoicing network.
InvoiceNow is a nationwide E-invoicing method operating on the open standard PEPPOL network that facilitates the direct transmission of invoices in a structured digital format across finance systems. PEPPOL is a standard established for trading partners to exchange invoices or credit memos (e-Invoice) over a common computer network, hereby known as PEPPOL network
PEPPOL is an international E-Document delivery network and business document standard form of Electronic Data Interchange (EDI) allowing enterprises to digitally transact with other linked companies on the Network.
Yes, the network is secure. Only PEPPOL certified Access Points are registered on the network and are authorized with a PKI certificate issued by the governing authority.
All data being transmitted on the network is protected with SSL transport layer security such that it only goes through securely encrypted pipes. The data being transmitted is signed using the Access Points Service Provider (AP) authorized PKI certificate to ensure that the data is genuine and non-repudiable.
Lastly, any receiving Access point will check the signature of the sending Access point service provider to ensure that it is as per the authorized one registered on the network and only accept data sent by genuine Access point
Currently, an invoice could be a hard copy document or PDF file that you send and receive by email or postal service. Manual data entry is required by both parties to input invoice details into their respective systems which is time-consuming and error-prone. With InvoiceNow, the invoice sent to your customer or received from your vendor goes through a secured computer network with minimum human resource intervention. The invoice arrives in a structured format that is immediately ready to be processed for payment, with no need for any details to be keyed in all over again and error-free.
Yes, you can send and receive InvoiceNow e-invoices to businesses in other countries as long as they are on the PEPPOL network.
InvoiceNow is supported by the Association of Banks in Singapore (ABS) as both InvoiceNow and PayNow are UEN based. Supporting banks are working on solutions that allows users to flip InvoiceNow invoices to payment (such as PayNow) directly cutting down on complexity and reducing business friction.
No, InvoiceNow only covers business to business transaction. Business to consumer transactions are currently not covered.