Getting Tech Right: Selecting the Right Software Products to Fulfil the Digital Demands of Banking How must banks gear up for a digital future? Be an early mover and get the Finextra impact study:
Six-in-10 banks cite real-time account balance information as the most important service that they offer to corporate customers. Find out more on how to reinvent account analysis.
E-Invoicing and CTC Models Supported by SunTec Xelerate
SunTec Xelerate e-Invoicing is a comprehensive, fully configurable, industry-agnostic, and country-agnostic product designed to help organizations comply with emerging mandates seamlessly and quickly. Our product provides flexible capabilities for collecting transaction data from systems, utilizing standard interfaces for data validation, electronic invoice generation, format conversion, verification, transmission, exchange, and archiving. The product’s functional and technical architecture caters to the specific requirements of any of the following e-invoicing and CTC models:
Interoperability: Electronic generation and exchange of invoices through certified service providers through an interoperable network. SunTec Xelerate e-Invoicing provides the capability to electronically generate and exchange the invoice in any standard format, as prescribed by the service provider.
Real-time Reporting: Invoices are electronically generated and reported to the government authority’s CTC platform in real-time. SunTec Xelerate e-Invoicing provides the capability to electronically generate the invoice in the specified format and integrate with the government authority’s CTC platform for electronic reporting in real time. As the exchange with buyer is not regulated, it is directly done between the trading parties in mutually agreed formats, mostly as PDF documents. Our product provides highly configurable capabilities for template-based PDF generation and auto emailing to customers.
Centralized Exchange Model: Electronically generated invoices from sellers are received on the government authority’s CTC platform and exchanged with the buyers, triggered centrally from the same platform, after validating them electronically in real time or near real time. SunTec Xelerate e-Invoicing has the capability to electronically generate the invoice in the specified format and integrate directly with the government authority’s CTC platform (V Model) for electronic reporting in real time or integrate with private platforms (Y Model), adhering to the agreed specifications.
Pre-Clearance or Hard Clearance Model: Invoices must be sent to the tax authorities before they can be sent to the buyer.
Post-Clearance or Soft Clearance Model: Invoices can be sent to the buyer first and then sent to the tax authority for clearance.
Decentralized Clearance Model: The task of clearing invoices is distributed or delegated across different entities or service providers instead of the government authority’s CTC platform
Clearance models can be implemented as a three-cornel model with the supplier, the tax authority, and the buyer being the three corners. Electronically generated invoices are directly received by the government authority’s CTC platform and are subject to clearance (pre-clearance or post-clearance).
This can also be implemented as four-cornel model with the supplier, the certified access point services providers of the seller and buyer, and the buyer being the four corners. The electronically generated invoices are received by the certified access point services providers and may or may not be subjected to clearance (pre-clearance or post-clearance).
SunTec Xelerate e-Invoicing has the capability to electronically generate the invoice in the specified format and integrate directly with the government authority’s CTC platform for clearance in real time or near real time or integrate with the certified access point services providers.
As the exchange with buyer is not regulated in the three-corner model, it is directly done between the trading parties in mutually agreed formats, mostly as PDF documents. SunTec Xelerate e-Invoicing provides highly configurable capabilities for template-based PDF generation and auto emailing to customers.
Decentralized CTC and Exchange (DCTCE) Model: Electronically generated invoices are exchanged with buyers through accredited access point service providers using an interoperable network. These service providers are delegated with the task of validating the e-invoice details as per specifications laid down by the government authority. The seller’s access point service provider passes the verified invoice details to the buyer’s access point service provider. It also extracts the required details from the same transaction and passes it on to the government authority’s CTC platform. Clearance, if required, would also be delegated to the service providers in most of the cases, though it is possible for the government authority CTC platform to do a centralized clearance, if needed.
DCTCE model is a five-corner model with the supplier, the supplier’s access point service provider, the buyer access point service provider, the buyer, and the government authority being the five corners. SunTec Xelerate e-Invoicing provides the capability to electronically generate the invoice in the specified format and integrate with the any certified access point services provider.