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OFS Portal e-invoicing standard for European Union is approved

Thursday, March 15, 2012

Oil and gas e-commerce organisation OFS Portal reports that its standard for e-invoicing for the European Union has been approved.

OFS Portal was hired by Europe's Committee for Standardization (CEN) to write a Code of Practise for electronic invoicing, which could be used across Europe.

OFS Portal's "code of practise" is a framework of best practises which can be adopted by trading parties, service providers and public authorities, which will help e-invoicing work.

So OFS Portal is applying its e-invoicing expertise developed in the oil and gas industry more broadly.

"This is a real milestone in trying to further the broad adoption of e-invoicing for businesses of all sizes across Europe," says Anders Grangard, co-chair for the work at Europe's Committee for Standardization.

The code of practise says that e-invoices should be formatted through the use of royalty free standards published by international standard organizations.

Service providers should pledge that data transmitted will be kept confidential by the service providers and used only for purposes authorized by both trading partners.

"As representing the needs of the global oil and gas industry, we were pleased to assist CEN in their efforts and bring our global experience to bear," said William Le Sage, CEO of OFS Portal. "This Code of Practice represents a benchmark by which we can look at best practices across the world."



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