Saudi Arabia launches e-invoice payment platform for businesses

Monday 1 July 2019 09:36 CET | News

Saudi Arabia Monetary Authority has announced the launch of Esal, an B2B electronic bill presentment and payment platform developed by Saudi Payments.

Esal invoicing delivery platform is a major step in the digitisation of services in Saudi Arabia, providing an integrated solution for billing and payments between government sectors, businesses and suppliers. The platform will contribute to increase in efficiency of both invoice operations and billing procedures, whereby contributing to the improvement of financial management of the organisation and heighten the level of transparency. In addition, it will provide easy access to businesses’ outgoing invoices and documentation review that is associated with the invoice that is raised on the delivery system, which reflects positively on the speed of payment of invoices and improves the financial management of the organization.

It also allows an integrated interaction and communication between both the supplier and the buyer by showing the status of the invoice in a receipt system with a classification that accurately determines the status the actual invoice in terms of successful delivery, acceptance, rejection, cancellation, modification, and completion of payment by either SADAD Bills Service or other payment methods.

The platform is characterized by applying of the procedures and requirements of electronic invoicing in line with the acceleration in the growth of different sectors and contributes to support the decision-making in a very simple approach.

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Keywords: Saudi Arabia, Saudi Arabia Monetary Authority, Esal, B2B electronic bill presentment platform, payments platform, e-invoicing, Saudi Payments, electronic invoice
Countries: World