- At the sixth Trade and Technology Council meeting, the US and EU agreed to strengthen electronic invoicing (e-invoicing) compatibility to lower trade costs, improve security, and simplify cross-border business operations. A new oversight body, the DBNAlliance, was launched to manage a shared exchange framework, allowing businesses to send and receive e-invoices through certified service providers.
- Joint Commitment to Interoperability: The United States and the European Union are collaborating to enhance e-invoicing interoperability through the Global Trade Challenges Working Group. They aim to reduce transaction costs and promote efficiency by establishing principles such as “connect once, connect with everyone” and ensuring no roaming fees between Access Points.
- Alignment of Standards and Frameworks: Both regions are working towards greater compatibility in their e-invoicing frameworks. While the EU has a regulatory framework based on Directive 2014/55/EU and the EN 16931 standard, the U.S. relies on industry initiatives. The U.S. profiles are modeled after the European standard, leveraging the OASIS Universal Business Language to ensure a high degree of alignment.
- Benefits of Enhanced Cooperation: Improved interoperability in e-invoicing is expected to accelerate invoice processing, enhance cash flow, and reduce complexities and costs for businesses, particularly for SMEs. This cooperation not only facilitates smoother cross-border transactions but also opens up opportunities for innovative applications in areas like supply chain optimization and payment automation.
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