With UNBIAS, it is possible to exchange invoice status information in a simple and secure way. Invoice status information may include, for example, whether an invoice has been accepted, scheduled for payment or processed. Sharing this information makes invoice payment processes more transparent.
The period of time between sending an invoice and invoice settlement can sometimes add up to 90 days. During this period of time, the supplier has much uncertainty about the status of the invoice and does not know when payment can be expected. In current situation, the supplier is often determined to reach out to the buyer by phone or e-mail to stay up to date on anticipated payment date. This causes additional operational costs for both suppliers and buyers.
Suppliers have access to real-time information about the status of an invoice at the buyer. This way, the supplier knows when payment is expected, is able to better predict cash flow and can better determine if alternative forms of finance (e.g. factoring) is needed. Furthermore, operational costs of handling invoice status requests is reduced for both supplier and buyer.
Have a look at the UNBIAS website for more information about the benefits of UNBIAS, or reach out to us by mail: firstname.lastname@example.org.