Sibos trends

October 9, 2007 - E-invoicing and financial supply chain were, besides SEPA, the hot topics at the world’s largest financial forum which took place in Boston from 1-5 October. CoCoNet presented the latest versions and the future strategy for its innovative MULTIVERSA product suite to the international bank community. With applications for e-invoicing and trade finance, which are planned as product enhancements for CoCoNet’s core product MULTIVERSA IFP International Finance Portal, CoCoNet addressed exactly the most debated subjects at Sibos.

Many plenary discussions and sessions indicated a clear trend, driven by the requirements of the corporates, from traditional financial applications towards more holistic bank services resulting in a complete electronic financial supply chain. Of particular interest were solutions facilitating electronic invoice processing (e-invoicing) and foreign trade (eTrade Finance). Many banks and software providers presented their solution approaches, SWIFT introduced the first case studies of its new SWIFT TSU Service (TSU = Trade Services Utility) which facilitates electronic exchange and matching of purchase order and invoice data. In the SEPA field, a recently established task force is currently working on a new e-invoicing standard based on ISO20022.

The future will show which solutions will succeed on the market. CoCoNet is observing the market trends and will discuss latest findings with its partner banks at the upcoming user groups in November.