Scan and Pay: New Swiss QR Code Invoices Live up to Their Billing
Leveraging QR technology to digitize invoice processing with your TMS
From June 30, 2020, all that’s been needed to process a Swiss invoice is a quick scan of a QR code. The new standardized invoice format launched on that date, known as the QR-bill, includes a QR code containing the same essential payment information as shown on the invoice’s payment slip. Instead of painstakingly typing in lots of data manually, you can simply scan the QR code to initiate payment. The Swiss financial sector has embraced the standard ISO 20022 XML payment format and its introduction of these new QR code invoices marks the next logical step in the digital revolution.
- Quick, error-free data capture
- Efficient payment processing and management
- Increased security as a result of automation
- Enhanced data quality
- Straight-through processing for invoices
- Digitization of payment references
How BELLIN clients can take advantage of the new standardized Swiss QR code invoices
|When is the scan feature available?||Now, with Release 20.2 of tm5|
|What hardware do I need?||Any standard scanning device which can convert QR codes to text|
|Which currencies can payments be made in?||CHF and EUR|
|How can I schedule payments?||The date on which the payment is made can be set in tm5|
Paying invoices is as simple as scanning your groceries at the store
On June 30, 2020, Switzerland launched a new standardized invoice format. Invoices issued after this date feature a QR code that provides all the information required to pay, including name, bank account details, amount, currency and payment reference. Finance departments can now read in the invoice details with a standard scanner and use the digital data generated to process the payment.
Cut the time to enter invoice details by 98% compared with manual data input
Entering an invoice manually takes around three minutes on average. Using the scan feature, it takes less than three seconds.
Scanning the QR code also eliminates the need to find and correct administrative mistakes. Hunting down data input errors can tie up the whole department, so the time-saving potential is massive.
Businesses can reap huge benefits from quick, error-free invoice processing using QR codes
Companies processing a large volume of paper-based invoices can benefit greatly from the fast, error-free data capture offered by QR code scanning. However, invoice processing is traditionally the domain of accounting departments, which predominantly work with ERP systems, almost none of which currently have a scan feature. Adding such a function to existing ERP solutions will take time, especially for large software firms with complex systems.
BELLIN clients are already leveraging the power of QR code invoices via the scan feature in the tm5 treasury management system
Companies using BELLIN’s tm5 treasury management system, which has incorporated scanning capability with Release 20.2, can get started right away and benefit from the advantages of automated invoice entry. All that existing customers need to get going is a standard scanning device to read in the data from the QR code and automatically transfer it to the correct fields in tm5. Our TMS also lets you schedule the payment for a specific date and harness the payment data for cash management purposes.
Invoice scanning increases payment security by eliminating data entry errors
It’s easy for errors to creep in when data is entered manually – one letter, digit or decimal point in the wrong place and the consequences are serious. The scan feature not only reads in the data in seconds, it completely eliminates data input errors. The only thing left to check is the data stored by the QR code itself.
Eradicate QR code fraud using BELLIN’s Vendor Verification feature
If you receive a QR code invoice, you can’t initially identify what data is stored in the QR Code. To prevent fraud, staff must check when scanning that the payee, account and amount match the data on the invoice.
BELLIN offers an additional layer of security in the form of its Vendor Verification feature which compares the beneficiary against a block list and an allow list before payment can be made, ensuring companies are reliably protected from invoice fraud.