EU countries and the European Commission decided to introduce a European Standard for e-invoicing in response to the many e-invoice formats used across the EU. These valid formats cause unnecessary complexity and high costs for businesses and public entities.
As the European Commission has been pressing the shipping industry for higher e-invoicing adoption, our customer, a bank from the United States and its European subsidiary needed a modern data integration platform to provide its European customers for simplifying the e-invoice submission process for the customers.
The customer’s end-to-end electronic freight invoice, audit and payment solution is specially designed to satisfy developing regulatory requirements in Europe. Its e-invoicing service is fully automated, traceable for auditing and compliant with the European Union and local regulations. Built on a highly adaptable invoice processing platform, the e-invoicing process makes it simple for business partners to transition and meet new requirements as regulations evolve.
Youredi provides an integrated platform through which the customer’s Europe-based customers can submit payments, invoices, and shipping instructions for freight deliveries.
The Youredi platform sits between the bank’s freight payment system and the bank’s carrier customers, acting as a ‘translator” to ensure the two systems understand each other. Carriers send shipping invoices in their own proprietary format to the bank, which pass through the Youredi platform to be validated, enriched and transposed to a bank-specific format for payment.
Using Youredi’s solution removes the conversion burden between the carrier and our customer. It enables quick processing of clean e-invoices which reduces operational costs for the shipper and the carrier alike. Additionally, Youredi can rapidly onboard new customers.