E-invoicing penetration is yet below 10 percent, as per a Celent report titled ‘Navigating the E-Invoicing Service Providers.’ In the report, Celent reveals that while parts of e-invoicing like format conversion and mapping are familiar territories banks feel it makes no sense to replicate what already exists given the number of available formats and providers. But, for many e-invoicing service providers, the range and accuracy of these conversions is an area they compete on.
According to Celent, banks should partner with e-invoicing service providers to avoid the struggle to compete with them in the short-run. Celent insists that unless banks and service providers do not work together, e-invoicing will not become the mainstream and be unattainable in many countries.