Businesses can now reduce cost and processing times when they transact with the Housing & Development Board (HDB), JTC and Maritime and Port Authority of Singapore (MPA) through the InvoiceNow nationwide e-invoicing network.
Launched by the Infocomm Media Development Authority (IMDA) in 2019, InvoiceNow is based on the international Peppol business standard, and invoices are transmitted over the Peppol document e-delivery network. This allows more than 40,000 Singapore businesses that have joined the network to digitally transact with other Peppol-linked companies in Singapore and worldwide.
As part of efforts to drive digital transformation and help Singapore businesses seize opportunities in the digital economy, IMDA worked with HDB, JTC and MPA to enable the agencies to issue e-invoices for direct receipt into their business customers’ accounting systems through InvoiceNow. Collectively, HDB, JTC and MPA represent 70% of public sector invoicing, and every month the agencies’ 25,000 business customers receive more than 49,000 invoices. E-invoicing enables businesses to digitalise the way they transact, reducing the amount of time and effort in re-keying in the data into their own systems, saving up to $8 per invoice processed and enjoying faster processing times when sending their own e-invoices. This will also enable our businesses to reduce their carbon footprint.