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.