BayernLB Tests Electronic Invoices at Bank Accounts

“This process is based on the EU-wide standard Request to Pay and coincides with the electronic invoicing obligation that has been in effect for B2B transactions in Germany since the beginning of the year,” explains Bettina Rose, CEO of Paycy and additionally responsible for market strategy in the payments sector at PPI. “The two ecosystems of billing and banking are converging, with the bank account serving as the hinge. This brings banks and bank accounts back to being the hub of finance.”

"BayernLB has always been committed to financing progress," says project manager Vassiliki Patera, "which is why it is only logical for us to invest in progress ourselves and enable our clients to send electronic invoices to their customers in the future. We are thereby contributing to a fully digital invoicing system in Germany and eliminating a significant media break. Instead of printing out invoices or sending them via email, we are creating a system with Request to Pay that no longer includes this media break."

“When the bank account becomes more important again, banks will also become more significant to their customers,” Rose states. “Request to Pay can also be enhanced with traditional banking services, such as financing or buy now, pay later. Furthermore, the bank directly integrates into the value chain of its customers by ensuring that electronic invoices are transmitted safely and quickly.”