Under the EU Directive 2014/55/EU, technology usage is mandatory for all public procurement processes in all the member states by November 2018. This will require some system changes in major EU countries.

Spain: The SII real-time electronic VAT system came into force in the Basque Country and Navarra Regional Communities on 1 January 2018. It has been up and running in the rest of Spain since 1 July 2017 for around 62,000 companies.

France: All intermediate companies (those with 250-4999 employees, and a turnover which does not exceed EUR1.5 billion or a balance sheet total which does not exceed EUR2 billion) are required to bill the public sector electronically from 1 January 2018. However, the deadline for small and medium-sized enterprises will be in 2019.Italy: All public health sector suppliers are mandated to receive orders electronically through the Nodo Smistamento Ordini (NSO) platform by 2018.

U.K.: As part of the digitization of the National Health Service (NHS), all companies supplying medicine, laboratory, and pharmacy services must e-invoice.

Belgium: As of 1 January 2018, e-invoicing was required for companies taking part in a tender worth more than EUR135,000.

Hungary: A real-time e-VAT declaration system is scheduled to be operational from July 2018.

Norway: Plans to adopt the Standard Audit File for Tax (SAF-T), an international standard for electronic exchange of reliable accounting data from organizations to a national tax authority or external auditors, for e-VAT has been postponed from 2018 until 2019.

Poland: While larger corporates have used SAF-T for e-VAT since 2016, the standard was mandated for micro businesses from January 2018.

The variation in implementation and timeline for e-VAT, is creating significant uncertainty across Europe. Foreign corporates and firms operating in Europe have cited the variation as an operational deterrent in the pursuit of their business plans

Businesses in Singapore will soon have to adopt a nationwide, interoperable e-invoicing framework that could help them process payments.

Digital-world consumers expect banks to securely step up their technology game


Traditional banks must evaluate their place within the payments ecosystem and be open to partnering with FinTechs and third-party developers to drive value collaboratively.

Collaborative Payments Ecosystem Boosts Customer Centricity


Structural changes are spurring payments industry participants to evaluate the future of the business as well as their role in the months and years ahead.

New payments ecosystem key enablers


The Payment Services Directive 2 or PSD2 has been in full force for more than six months, and its impact is being felt not just in the European Union, but across the globe – with several markets, such as Singapore, Australia, and Nigeria, as well as Hong Kong announcing open banking initiatives inspired by the PSD2


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