- E-invoicing is gaining popularity globally, but the US has a decentralized approach.
- The US e-invoicing system was developed by the Business Payments Coalition (BPC) and the Federal Reserve.
- The BPC launched the E-invoice Exchange Market Pilot in 2021.
- The pilot program aimed to create an exchange network for B2B transactions.
- The BPC and Federal Reserve established the Digital Business Networks Alliance (DBNAlliance) in 2023.
- The DBNAlliance aims to establish a country-wide standardized e-invoicing system.
- A regulatory framework for e-invoicing is expected to be released in 2025.
- If mandated, the US would standardize e-invoicing, eliminating 15 currently used formats.
Source: vatabout.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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