Singapore’s Infocomm Media Development Authority (IMDA) is a statutory board of the Singapore Government, under the Ministry of Communications and Information (MCI). The IMDA is dedicated to driving Singapore’s digital transformation with Infocomm Media which in turn creates a dynamic digital economy and a cohesive digital society. IMDA’s Singapore Digital (SG:D) is a nation-wide movement to unify Singapore’s digitalisation efforts; provide support for different industries to start their digitalisation journeys and create new ecosystems, opportunities, and expertise for the future; and therefore position Singapore as a leading digital global node.
SG:D’s Digital Economy Framework for Action which includes the Services and Digital Economy Technology Roadmap (SDE TRM), provides a scan on the digital technology landscape over the next 3 to 5 years, identifying the impact of key shifts and technology trends. SDE TRM has identified Services 4.0 as a growth engine for Singapore’s digital economy which leverages emerging technologies such as Artificial Intelligence (AI) and Advanced Interfaces, to automate repetitive and mundane tasks with end-to-end, frictionless, anticipatory, and empathic technologies. Services 4.0 s people-centric, allowing them to flourish by being applied to high value areas where creativity, analytical thinking, emotional intelligence, and innovation are required.
Applying Services 4.0 to financial functions, the IMDA implemented the Nationwide e-Invoicing Network in 2019, which is now called “InvoiceNow,” to help businesses improve efficiency, reduce cost, enjoy faster payment, and stay green at the same time. This network is an extension of the International Peppol e-Delivery Network which allows businesses to transact internationally with other linked companies.
The key milestones of the InvoiceNow initiative include:
– May, 2018: The IMDA becomes the first Peppol Authority outside of Europe.
– January, 2019: The Nationwide e-Invoicing Network is launched, with PEPPOL Access Point (AP) Providers ready to serve the market, including ivi e-Invoicing Services (SEA) Pte Ltd.
– January, 2020: The Peppol-Ready Solution accreditation was created in 2019 and more than 50 Peppol-Ready Solution Providers are successfully connected to the network, including ivi e-Invoicing Services (SEA) Pte Ltd.
– January, 2020: The Singapore Government adds a new channel for Suppliers to submit e-Invoices via the Nationwide e-Invoicing Network, which has since become the preferred channel for Suppliers.
– March, 2020: The IMDA announces the e-Invoicing Registration Grant to incentivise businesses to join the network.
– September, 2020: The Nationwide e-Invoicing Network was renamed as InvoiceNow.
ivi’s e-Invoicing and AP Automation Solutions streamline the task of invoicing with the complete automation for the digital creation, exchange, and processing of request for payments between Buyers and Suppliers!