The E-invoice Exchange Market Pilot program has been announced by BPC and aims to create an e-Invoicing network between businesses in the US.
Summary
“The US e-Invoice exchange framework will be based on a four-corner network model that defines the technical, business, and legal requirements for achieving interoperability between stakeholders (invoice senders and receivers) using registered service providers and platforms. By using defined registers (like SML and SMP, which uniquely identify both the participants and their addresses in the network), their capabilities in terms of acceptable types and formats, for example, will be recognized. After the proof-of-concept assessment (initiated in 2019 and completed in the first quarter of 2021), it emerged that BPC was proposing the Federated Registry Services management model as a more appropriate and accessible approach for the US market. This model assumes that registry services (SML and SMP) are managed by multiple authorities rather than a single central unit. Mr Yiğit describes the implementation process of the new system, saying, “The US has just started the market pilot phase, which is expected to become operational in 2022.