06.21.2017

Estonian State Names Fitek as Exclusive Partner for Invoice Solutions

Fitek, the financial technology company, started as the Republic of Estonia’s sole partner for invoice management solutions. Beginning June 20, Fitek took responsibility for handling the purchase- and sales invoices of Estonian state institutions.

“We are extremely proud of the fact that the Estonian government is now using our new generation mobile web-based invoicing system,” says Fitek’s managing director in Estonia Karl-Eric Schneider. “Our system is fully integrated with SAP accounting program used by state institutions. Thousands of state employees are now able to verify and confirm invoices with just one swipe on their phones.”

Fitek’s solution is now used in a variety of state institutions, from the Supreme Court and Ministry of Foreign Affairs, to the Tallinn Ballet School.

Paper invoices are soon to become obsolete in the Estonian public sector. State institutions handle approximately 400,000 purchase invoices each year. Fitek’s role is to convert invoices to machine-readable format, eliminating the need for manual processing and saving significant man-hours.

The Fitek solution also puts the Estonian government in full compliance with the EU directive which obligates public sector institutions to adopt e-invoicing.

The financial service automator and fintech company Fitek Group has purchased 50% of the Serbian business New Image, which offers e-invoicing and digital printing solutions in Serbia and Bosnia and Herzegovina. The business will operate in new markets under the Fitek name.

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As e-invoices enjoy wider use, the fintech company Fitek sees bookkeepers dealing with bigger financial issues for companies, rather than just inputting purchase invoices.

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Fitek, a leading Baltic and Central European e-invoice operator, acquired the majority stake in the Lithuanian company Sistemų integravimo sprendimai (SIS), operating mainly in Lithuania. Fitek Group will enter to electronic data interchange (EDI) business and will be providing electronic data interchange (EDI) solutions in both the Baltic States and elsewhere in Europe.

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