E-invoicing API integration can unlock additional revenue streams and help neobanks and financial platforms take another step towards becoming true Super Apps.
What is e-invoicing?
Electronic invoicing (also known as E-invoicing) is a form of invoicing, when the client is presented not with a paper or scanned invoice but with an E-invoice.
An e invoice follows a predefined, standardized format. All data (e.g. PO number, VAT number, and so on) is provided in a structured way, and the e invoice can be automatically imported and processed by the purchasing organization's AP system. E-invoicing systems commonly use electronic data interchange (EDI) and XML formats to make data exchange easier.
While e invoicing itself has been on the market for at least 30 years, its adoption varies from market to market. For example, across the European Union, E-invoicing has been standardized since 2020.
What are the benefits of the E-invoice API?
The integration of API for e invoicing is a suitable solution for banks and other financial platforms that do not want to waste time on building their own E-invoicing system. By using a compliant e invoicing API solution, neobanks, banks and other financial services providers can allow their business clients to:
Mitigate the risks associated with fraud and tax leakage
Save money and resources that would be wasted on manual invoicing
Reduce invoice mismatches
Unlock additional benefits like easy tax claims
The benefits of Monite e invoicing API
With Monite e invoice API, it is easy to aggregate electronic invoices from multiple countries and ensure that all related flows (like reconciliation or accounting export) are in line with e invoicing requirements of any given market.
E-invoicing API is only one part of making finance and payments operations easier for clients. With Monite, in addition to helping clients automate Accounts Receivable functions (E-invoice API covers a part of it), financial platforms can also help clients automate Accounts Payable functions.
Monite offers not only fully compliant e invoicing API, but also a range of other functions that can help a bank, neobank or financial platform to become a true Super App for businesses. Additional benefits financial platforms can offer to their clients with Monite include:
Setting up and receiving online payments
Setting up automated and compliant reminders
Auto-mapping invoices to payments & export for accounting purposes
Signing up in Monite means that you don't have to spend engineering hours on building solutions in-house or waste your budget on multiple APIs from different providers.
Get in touch for a demo today.
