June 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.

1 July marks one year since the state of Estonia started accepting only e-invoices. This move made the state a pioneer in the transition to modern settlement solutions in Estonia; in one year, state agencies have received 370,000 e-invoices from their cooperation partners. Financial technology company Fitek, the operator of e-invoices for state agencies, estimates that the share of e-invoices received by the public sector has more than tripled, reaching 98%.

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Fitek, part of Europe’s leading financial technology company Unifiedpost Group, is to start cooperation with SEB Bank integrating e-invoice sending platform for SEB business clients. Initially, functionality will be launched in Estonia.

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Financial technology company Fitek together with its parent company Unifiedpost is developing the Invoice Gate service www.invoicegate.com. The e-invoicing solution was recently launched in Latvia and Lithuania, and 8 more countries will be added in July. In Estonia, the e-invoicing solution arved.ee aimed at small and medium-sized enterprises has been in use for a year, and almost 13,000 companies have joined it. Almost 90% of the invoices sent are e-invoices.

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