Real-Time Economy Community - New ideas

Exploring the criteria in choosing the service provider for e-invoicing

Esko Penttinen — Wed, 01 Jun 2011 12:23:40 GMT

Niko Myllynen studied criteria that companies use when choosing their service provider for e-invoicing. Niko developed a set of nine criteria and conducted a survey yielding 308 responses. The findings of this study suggest that companies regard criteria related to either present or future aspects of business as most important. These include the criteria of End-user Usability, Reach, Economic Viability and Service Development. According to the findings, the criteria that are bound to a single point in time are considered less important. Criteria such as Flexibility in Technology Consolidation, Customer References, Relationship and Project Management fall into this category. The importance of Price lands between these two extremes. The thesis can be read in its entirety from the competence center website at www.hse.fi/rte -> publications

XBRL Seminar 31.3.2011

Esko Penttinen — Wed, 01 Jun 2011 12:18:59 GMT

XBRL seminar in Finland 31.3.2011
Real-Time Economy program organized an XBRL (eXtensible Business Reporting Language) seminar on 31.3.2011 at the Aalto University School of Economics. The aim of the event was to explore the possibilities of implementing XBRL in Finland. The speakers of the seminar included Esko Penttinen (Aalto), Bo Harald (Tieto), Lars Berglöf (xbrl Europe), Vuokko Mäkinen (Hawcon), Anders Tallberg (Hanken) and the sessions generated lively discussion on the different aspects (for example, issues on benefits vs. challenges, mandatory vs. voluntary implementation) of XBRL implementation. RTE plans to organize a follow-up seminar in Fall 2011, on 21.9.

RTE poster evening 5.5.2011, thanks for participating!

Esko Penttinen — Wed, 01 Jun 2011 12:17:10 GMT

3rd Annual RTE Poster Evening 5.5.2011
The third annual Real-Time Economy Poster Evening was held on 5.5.2011 at the Aalto University School of Economics. The event brought together around 100 people interested in learning more about the latest research conducted in the Real-Time Economy Competence Center. The organizers were especially happy to see so many company representatives (around 70) participating to the event. The evening acted as a networking event as well and we could see a number of lively discussions forming in the corner tables at the Proffa restaurant. The slides of the poster presentations are available at www.hse.fi/rte -> publications. We look forward to next year’s event!

XBRL Conference in Brussels 17-19 May, 2011

Saila Toikka — Wed, 18 May 2011 09:27:09 GMT

22nd XBRL International Conference in Brussels http://conference.xbrl.org/.

XBRL (eXtensible Business Reporting Language) is XML-based global standard for exchanging business information. XBRL is described to bring major benefits in the preparation, analysis and communication of business information. Learn more about it at http://www.xbrl.org/WhatIsXBRL/

Heavyweight support for Global ISO-standard created

Bo Harald — Fri, 11 Mar 2011 08:17:46 GMT

This is the global support from SWIFT that the market needs. As seen from the work with the Single European Payment Area it is necessary to get a network standard in place first - and then make the market create end-to-end harmonization. This will happen faster if enterprises using these services and regulators see and drive the big picture - and service providers go for the inevitable network interoperability models.

This should also end the debates on:

- if a global network standard for e-invoicing is needed - and if Europe should not be the first to deploy

- if the ISO20022 e-invoice message standard - based on ISO methodology, processes and change request procedures - is in some way less of a standard in the real sense than the ISO20022 SEPA-payment standard - created in the same way

- if the ISO20022 e-invoicing standard is in some way meant to be used only by service providers from the banking sector - certainly not the case. So now it is very much up to all service providers to adopt it - before regulators have to do it (like SEPA). I am sure all will side with this - preferably publicly - and as soon as possible.

Great day!

What did you read?

Bo Harald — Wed, 05 Jan 2011 07:09:32 GMT

What did you read?

03/01/2011 14:47:27

I posted the list below on 30.12.2010 and checked growth in selected page views today (3.1.2011)

On EU:

Questions European Tax Payers should ask: now 6516 views + 36! http://www.finextra.com/community/fullblog.aspx?id=2815
A digital Single Market - why and how?: now 2081 + 26, http://www.finextra.com/community/Fullblog.aspx?id=4497
The future of Direct Debit - e-invoicing with standing order: now 1867 + 39!, http://www.finextra.com/community/Fullblog.aspx?id=4156
Far more important than SEPA: now 1860 +37!http://www.finextra.com/community/Fullblog.aspx?id=4020
Enterprises - high time to stand up: now 1985 +26 http://www.finextra.com/community/Fullblog.aspx?id=3689
Now we have two legs - where is the body?: 1749 + 19 http://www.finextra.com/community/Fullblog.aspx?id=4021
No commercial constellation will create this Single Market milestone: 1787 + 32!
http://www.finextra.com/community/Fullblog.aspx?id=4022
It is our money: 1669 + 19 http://www.finextra.com/community/Fullblog.aspx?id=4684
Dream scenario for VAT auditing: http://www.finextra.com/community/Fullblog.aspx?id=3156
118,8 bn € lost in 2009: http://www.finextra.com/community/Fullblog.aspx?id=4774
Liberating the power of SMEs: http://www.finextra.com/community/Fullblog.aspx?id=3519
EU Commission request delivered: http://www.finextra.com/community/Fullblog.aspx?id=4790

On e-banking

e-banking in the old days: 2410 + 26 http://www.finextra.com/community/Fullblog.aspx?id=3357
Avoid Ice Ages: 182 + 22 http://www.finextra.com/community/Fullblog.aspx?id=3418
E-banking STILL growing strongly in Finland: 1918 + 22 http://www.finextra.com/community/Fullblog.aspx?id=4038
Pyramid upside down - finally: 1722 + 25 http://www.finextra.com/community/Fullblog.aspx?id=3705
Have banks given up?: 1781 + 28 http://www.finextra.com/community/Fullblog.aspx?id=3803
Banks - time to deliver new customer value: 1672 + 21 http://www.finextra.com/community/Fullblog.aspx?id=2540
Standard feature in any e-bank: http://www.finextra.com/community/Fullblog.aspx?id=2620

On e-invoicing:

Think small: 5822 +26 http://www.finextra.com/community/Fullblog.aspx?id=2813
966 billion reasons for split payment VAT: http://www.finextra.com/community/fullblog.aspx?id=4775
Final report - roadmap to paradigmatic platform: 3275 + 28 http://www.finextra.com/community/Fullblog.aspx?id=3625
Republic of Finland - exemplary action: 3070 + 33!http://www.finextra.com/community/Fullblog.aspx?id=3651
Happy end for SME-tale in sight - if banks do their part: 2931 + 5 http://www.finextra.com/community/Fullblog.aspx?id=3650
54 billion reasons in Germany: 2936 + 22 http://www.finextra.com/community/Fullblog.aspx?id=3150
All of Europe moving to equal treatment: 2694 + 28 http://www.finextra.com/community/Fullblog.aspx?id=3950
Nobody promised you a rose garden: 2167 + 28 http://www.finextra.com/community/Fullblog.aspx?id=4488
Letter to Santa Claus: 1999 + 32! http://www.finextra.com/community/Fullblog.aspx?id=2297
Expectation surge from corporate customers: 1954 + 19 http://www.finextra.com/community/Fullblog.aspx?id=4093
3-corner model - a problem on our hands: 1948 + 29 http://www.finextra.com/community/Fullblog.aspx?id=4260
Germany to simplify e-invoicing: 1836 + 26 http://www.finextra.com/community/Fullblog.aspx?id=4664
Paper invoices have NO future: 1889 + 19 http://www.finextra.com/community/Fullblog.aspx?id=3490
The end of the beginning: 1706 + 20 http://www.finextra.com/community/Fullblog.aspx?id=4050
Excellent paper from the EU Commission: 1715 + 25 http://www.finextra.com/community/Fullblog.aspx?id=4776
From sending e-invoice to receiving payment - less than 30 minutes: 1680 + 24 http://www.finextra.com/community/Fullblog.aspx?id=4660
Will banks do their part?: http://www.finextra.com/community/Fullblog.aspx?id=4638
If I would be a banker: http://www.finextra.com/community/Fullblog.aspx?id=4170
First billion passed: http://www.finextra.com/community/Fullblog.aspx?id=4185
Half baked efforts: http://www.finextra.com/community/Fullblog.aspx?id=2940

On e-id service:

e-id service making great progress: 4711 + 18 http://www.finextra.com/community/fullblog.aspx?id=2820

Miserable public isolation: 1916 + 37!http://www.finextra.com/community/Fullblog.aspx?id=4415

e-id and e-payment progress in 2009 - Finland: 1688 + 23 http://www.finextra.com/community/Fullblog.aspx?id=4033

On innovations:

I cannot see around the corner: 3207 + 18 http://www.finextra.com/community/fullblog.aspx?id=3658
If you do not know where you are going - any road will do: 3032 + 22 http://www.finextra.com/community/Fullblog.aspx?id=3664
Where do innovations come from: 2536 + 21 http://www.finextra.com/community/Fullblog.aspx?id=3951
There are no corporate customers: 1777 + 25 http://www.finextra.com/community/Fullblog.aspx?id=2867
Innovations do not come from outer space: 1728 + 23 http://www.finextra.com/community/Fullblog.aspx?id=3728
If you want to go fast - go alone - if far - go together: 1721 + 31! http://www.finextra.com/community/Fullblog.aspx?id=4019
Which innovations will drive growth in Payments business: http://www.finextra.com/community/Fullblog.aspx?id=4109
Socio-technical landscape: http://www.finextra.com/community/Fullblog.aspx?id=3199
Addictive e-experience: http://www.finextra.com/community/Fullblog.aspx?id=4355
Game-changing Innovation: http://www.finextra.com/community/Fullblog.aspx?id=2997
Innovator's new dilemma: http://www.finextra.com/community/Fullblog.aspx?id=2747

On cash:

Demise of cash: 2327 + 48!!http://www.finextra.com/community/Fullblog.aspx?id=4800
Cash for crime: http://www.finextra.com/community/Fullblog.aspx?id=3399
Cash is expensive - also for the environment: http://www.finextra.com/community/Fullblog.aspx?id=2261

On blogging:

Blogs and blogs: 2195 + 24 http://www.finextra.com/community/Fullblog.aspx?id=3676
A quarter of a million page views: http://www.finextra.com/community/Fullblog.aspx?id=4721

Conclusions to draw? Is it the topic, the headline, the newness or something else that leads to page views? Are you rereading or first time checking in? Probably a mixture. Hope you find both the document and the opinion repository aspects useful.

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What did I write?

Bo Harald — Wed, 05 Jan 2011 07:07:28 GMT

Looking back - some of the most viewed posts:

On EU:

Questions European Tax Payers should ask: http://www.finextra.com/community/fullblog.aspx?id=2815
A digital Single Market - why and how?: http://www.finextra.com/community/Fullblog.aspx?id=4497
The future of Direct Debit - e-invoicing with standing order: http://www.finextra.com/community/Fullblog.aspx?id=4156
Far more important than SEPA: http://www.finextra.com/community/Fullblog.aspx?id=4020
Enterprises - high time to stand up: http://www.finextra.com/community/Fullblog.aspx?id=3689
Now we have two legs - where is the body?: http://www.finextra.com/community/Fullblog.aspx?id=4021
No commercial constellation will create this Single Market milestone: http://www.finextra.com/community/Fullblog.aspx?id=4022
It is our money: http://www.finextra.com/community/Fullblog.aspx?id=4684
Dream scenario for VAT auditing: http://www.finextra.com/community/Fullblog.aspx?id=3156
118,8 bn € lost in 2009: http://www.finextra.com/community/Fullblog.aspx?id=4774
Liberating the power of SMEs: http://www.finextra.com/community/Fullblog.aspx?id=3519
EU Commission request delivered: http://www.finextra.com/community/Fullblog.aspx?id=4790

On e-banking

e-banking in the old days: http://www.finextra.com/community/Fullblog.aspx?id=3357
Avoid Ice Ages: http://www.finextra.com/community/Fullblog.aspx?id=3418
E-banking STILL growing strongly in Finland: http://www.finextra.com/community/Fullblog.aspx?id=4038
Pyramid upside down - finally: http://www.finextra.com/community/Fullblog.aspx?id=3705
Have banks given up?: http://www.finextra.com/community/Fullblog.aspx?id=3803
Banks - time to deliver new customer value: http://www.finextra.com/community/Fullblog.aspx?id=2540
Standard feature in any e-bank: http://www.finextra.com/community/Fullblog.aspx?id=2620

On e-invoicing:

Think small: http://www.finextra.com/community/Fullblog.aspx?id=2813
966 billion reasons for split payment VAT: http://www.finextra.com/community/fullblog.aspx?id=4775
Final report - roadmap to paradigmatic platform: http://www.finextra.com/community/Fullblog.aspx?id=3625
Republic of Finland - exemplary action: http://www.finextra.com/community/Fullblog.aspx?id=3651
Happy end for SME-tale in sight - if banks do their part: http://www.finextra.com/community/Fullblog.aspx?id=3650
54 billion reasons in Germany: http://www.finextra.com/community/Fullblog.aspx?id=3150
All of Europe moving to equal treatment: http://www.finextra.com/community/Fullblog.aspx?id=3950
Nobody promised you a rose garden: http://www.finextra.com/community/Fullblog.aspx?id=4488
Letter to Santa Claus: http://www.finextra.com/community/Fullblog.aspx?id=2297
Expectation surge from corporate customers: http://www.finextra.com/community/Fullblog.aspx?id=4093
3-corner model - a problem on our hands: http://www.finextra.com/community/Fullblog.aspx?id=4260
Germany to simplify e-invoicing: http://www.finextra.com/community/Fullblog.aspx?id=4664
Paper invoices have NO future: http://www.finextra.com/community/Fullblog.aspx?id=3490
The end of the beginning: http://www.finextra.com/community/Fullblog.aspx?id=4050
Excellent paper from the EU Commission: http://www.finextra.com/community/Fullblog.aspx?id=4776
From sending e-invoice to receiving payment - less than 30 minutes: http://www.finextra.com/community/Fullblog.aspx?id=4660
Will banks do their part: http://www.finextra.com/community/Fullblog.aspx?id=4638
If I would be a banker: http://www.finextra.com/community/Fullblog.aspx?id=4170
First billion passed: http://www.finextra.com/community/Fullblog.aspx?id=4185
Half baked efforts: http://www.finextra.com/community/Fullblog.aspx?id=2940

On e-id service:

e-id service making great progress: http://www.finextra.com/community/fullblog.aspx?id=2820

Miserable public isolation: http://www.finextra.com/community/Fullblog.aspx?id=4415

e-id and e-payment progress in 2009 - Finland: http://www.finextra.com/community/Fullblog.aspx?id=4033

On innovations:

I cannot see around the corner: http://www.finextra.com/community/fullblog.aspx?id=3658
If you do not know where you are going - any road will do: http://www.finextra.com/community/Fullblog.aspx?id=3664
Where do innovations come from: http://www.finextra.com/community/Fullblog.aspx?id=3951
There are no corporate customers: http://www.finextra.com/community/Fullblog.aspx?id=2867
Innovations do not come from outer space: http://www.finextra.com/community/Fullblog.aspx?id=3728
If you want to go fast - go alone - if far - go together: http://www.finextra.com/community/Fullblog.aspx?id=4019
Which innovations will drive growth in Payments business: http://www.finextra.com/community/Fullblog.aspx?id=4109
Socio-technical landscape: http://www.finextra.com/community/Fullblog.aspx?id=3199
Addictive e-experience: http://www.finextra.com/community/Fullblog.aspx?id=4355
Game-changing Innovation: http://www.finextra.com/community/Fullblog.aspx?id=2997
Innovator's new dilemma: http://www.finextra.com/community/Fullblog.aspx?id=2747

On cash:

Demise of cash: http://www.finextra.com/community/Fullblog.aspx?id=4800
Cash for crime: http://www.finextra.com/community/Fullblog.aspx?id=3399
Cash is expensive - also for the environment: http://www.finextra.com/community/Fullblog.aspx?id=2261

On blogging:

Blogs and blogs: http://www.finextra.com/community/Fullblog.aspx?id=3676
A quarter of a million page views: http://www.finextra.com/community/Fullblog.aspx?id=4721

Sunday morning pastime mostly. Thank you for reading. All the best for 2011.

European Commission on the Future of VAT

Saila Toikka — Mon, 03 Jan 2011 10:22:08 GMT

What is your opinion on the ideas presented in the Green Paper on the future of VAT?

http://ec.europa.eu/taxation_customs/common/consultations/tax/2010_11_future_vat_en.htm

Research paper about e-invoicing in SMEs will be presented in HCI International 2011 conference

Lasse Lumiaho — Sun, 19 Dec 2010 11:55:54 GMT

Based on the usability study carried out in spring and summer of 2010 a paper is written to the HCII 2011 conference. The paper presents the results of our usability study on sending e-invoives through banks' internet bank systems and discusses the problems that SMEs encounter with the systems. In total twelve SMEs were interview for the study.

There will also be a continuation study with a larger sample of SMEs.

The HCII 2011 conference web page

www.hcii2011.org

Headwind for Finvoice 1.3 / Nordea Finland

Kim Forsman — Fri, 17 Dec 2010 11:22:03 GMT

Nordea takes a sucker-punch in its own game.

Nordea has today mass-mailed a notice to all software providers with the following finnish content (as attached). I'll translate the message here in English for scrutiny. I'm not a qualified translator and will take no responsibility that the wording is portrayed as the original sender would have wanted if they were to release the same statement.

--translation begins--

Regarding the status of Finvoice 1.3

There has appeared severe challenges in the launch of the Finvoice 1.3 [format] and therefore we are exceptionally making contact with you

- Finvoice 1.3 messaging format was released already back in 2008 although it has been implemented in Nordea as of 6.12.2010

- The Federational of Financial Services (FFS) has agreed together with the banks to validate the 1.3 version against the schema [XSD], which reduces errors in the processing workflow applications.

- Nordea has checked the validation several times and we have been confirmed through IT that it works accordingly, which it should.

- The majority of the 1.3 formats are not being received / sent correctly and results in errors either at the sending or receiving party.

- The major error culprit is the DOCTYPE / DTD declaration which isn't correct according to the schema.

- Previously released software-vendor notices have unfortunately included erroneous statements, e.g. DOCTYPE or DTD declarations cannot be allowed, as they're forbidden in the schema. Unfortunately this was discovered is the final stages.

- Invoices relayed by us often go to an error-state because some of the invoices have a messageid which is over 35 characters. Previously the 1.3 schema was erroneously limited to 35 characters and was corrected fall 2010 to 48 characters, as in the previous specs.

--translation ends--

The funny thing is that the Finvoice spec is specified by the banks themselves and now they are in headwind with their own format. The sarcastic aspect is that our modern-day society lays in the hands of these people with severely lacking IT-skills. It's a financial network we are talking about, not a web-shop to buy tennis-shoes.

o Why didn't Nordea test their implementation thoroughly before releasing?

o The spec has been out for nearly two years - why did it take that long to implement?

Come on people, get your act together.

- Kim Forsman

-----Original Message-----

From: Bo.Sjoblom@nordea.com [mailto:Bo.Sjoblom@nordea.com]

Sent: Thursday, December 16, 2010 11:18 AM

To: Bo.Sjoblom@nordea.com

Subject: Ohjemistotalotiedote Nordeasta 16.12.2010

Hei,

Tästä tiedotteesta löydät ajankohtaista asiaa ohjelmistotaloille. Pidäthän osaltasi huolen, että tieto tavoittaa yrityksessäsi oikeat ihmiset. Jos haluat jakelulistaan muutoksia tai lisäyksiä, niin toimita meille tarvittavat tiedot paluupostissa.

Palveluja ja tuotteita koskevat kyselyt voit joko lähettää internetin kautta yhteydenottopyynnöllä "Pyydä lisätietoa pankkipalveluista" tai soittaa Yritysten maksuliikeneuvontaan numerossa 0200 67210 (0,11 euroa /min + pvm/mpm) pankkipäivisin klo 8-18

http://www.nordea.fi/Tietoa+Nordeasta/Yhteystiedot/Yritysasiakkaiden+palvelunumeromme/998262.html

Palvelemme näiden kanavien kautta myös muita yritysasiakkaitamme.

E-lasku

E-laskun Finvoice 1.3 tilanteesta

Finvoice 1.3 lanseerauksessa on ilmennyt suuria haasteita ja siltä osin olemme poikkeuksellisesti teihin yhteydessä

- E-laskussa Finvoice 1.3 sanomaversio julkaistiin jo 2008 mutta otettiin käyttöön meillä Nordeassa vasta 6.12.2010

- Finanssialan Keskusliitossa (FK) on pankkien kesken yhdessä sovittu, että 1.3 validoidaan schemaa vastaan, joka vähentää virheitä itse laskuja prosessoivissa kierrätysjärjestelmissä

- Nordean validointi on tarkistettu useampaan kertaan ja olemme saaneet IT:ltä vahvistuksen, että se toimii Finvoice 1.3:n osalta scheman mukaisesti, kuten pitääkin

- Meillä suurin osa 1.3 aineistosta ei kuitenkaan tule meille läpi tai meiltä lähetettäessä eteenpäin - menee vastaanottavassa päässä hylkyyn

- Meille lähetettäessä suurin hylkysyy on laskulla oleva DOCTYPE / DTD viittaus joka ei ole scheman mukainen

- Aiemmissa ohjelmistotalotiedotteissa ja aiemmin julkaistuissa schematiedostoissa on valitettavasti ollut virheitä, esim DOCTYPE tai DTD viittausta ei voidakaan sallia, koska se ei ole scheman mukaan sallittu. Ikävä kyllä tämä selvisi vasta loppumetreillä.

- Meiltä eteenpäin lähetettävät laskut hylkääntyvät usein siksi, että meiltä lähetetyissä laskuissa osassa on messageid yli 35 merkkiä pitkä. Aiemmissa 1.3 schema-tiedostoissa tämä oli virheellisesti rajoitettu 35 merkkiin mutta muutettiin syksyllä 2010 se 48 merkkiin, kuten aiemmissa versioissa.

- Alla ajantasaisin scheman mukainen ohje ja schema:

- Täsmennyksiä FV 1.3 soveltamisohjeeseen ja tietoluetteloon on tehty näiltä osin ja ohjeet tulevat FK:n sivuille piakkoin. Alla jo liitteenä

Kiitos paljon yhteistyöstänne!!!

Nordea Pankki Suomi Oy