The Peppol framework is established to support exchange of business documents electronically and is used in many countries. OpenPeppol is the non-profit international association in charge of development and maintenance of the Peppol specifications. OpenPeppol delegates the authority over the implementation and use of Peppol specifications to the local Peppol Authorities. For more information of Peppol, please visit https://www.peppol.eu.
IMDA as the
IMDA is the first Peppol Authority outside of Europe. As the Peppol Authority in Singapore, IMDA’s functions include the following:
Approving and certifying Peppol Access Point providers in Singapore;
Accrediting Peppol-ready Solution Providers in Singapore;
Specifying country specific rules and technical standards under the Peppol framework in Singapore, in particular, the SG Peppol BIS specifications;
Governing the compliance of the Peppol framework in Singapore; and
Promoting the adoption of Peppol framework in Singapore.
At Bamboo Sea, we partner with Xero to accelerate the adoption of Peppol. The Peppol framework allows direct transmission of e-invoices from one finance system to another without human intervention, speeding up invoice processing which results in faster payment. This also greatly reduces the time spent in verifying invoices and chasing for payment.
In Xero, this is as simple as the sender creating an invoice in Xero, sent via the secure Peppol network, and the customer receives the invoice in their accounting system, ready to be reviewed, approved, and paid.
Lastly, IMDA provides a grant, a one-time payment of $200 per UEN, upon first registration to the E-Invoicing Network on or before 31 December 2020.
This grant is applicable for businesses which are valid, active and registered in Singapore on or before 25 March 2020. Payment will be disbursed by PayNow Corporate to the registered UEN (without suffix).