June 4, 2020

Fitek’s e-invoicing solution Invoice Gate extends to 10 countries

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.

Arved.ee became available in an updated form a year ago, the free service allows sending e-invoices to both local and international roaming networks. The service was boosted by the Estonian state’s requirement that only e-invoices be sent to state agencies from 1 July 2019.

Andrus Kaarelson, Managing Director of Fitek Estonia, says that an estimated quarter of small and medium-sized enterprises have registered as users of arved.ee in Estonia. “Our users include small and medium-sized companies, but also well-known large companies. Most invoices are sent from business to business (B2B) or business to government (B2G). The introduction of e-invoicing saves businesses time and money, reduces the loss of invoices, and speeds up the receipt of payment for goods or services. The costs of the accounting sector of entrepreneurs are estimated at up to 0.9% of Estonia’s GDP and affect the profitability of companies,” says Kaarelson.

According to Andres Lilleste, Fitek’s Estonian business manager, a satisfaction survey of arved.ee customers was conducted in April, respondents were asked to rate the service on a scale of 1-5 and provide feedback on an already operating service and recommendations for the future. “Fitek has done a good job of bringing e-invoices to users. There were over 500 respondents and the average score was a good 4.03, and the arved.ee development team was pleased that most respondents had evaluated the service with the score 5. The lower grades were given much less and they help us to develop the service. More than 300 customers added the comment and said “thank you!” or added a longer description with their development suggestions. The need, nature and benefits of an e-invoice require continuous explanatory work,” he says.

According to Andres Lilleste, arved.ee will remain available free of charge in its current form, but in July paid services will be added, such as the possibility to upload a data file with invoice information, send e-invoices to the bank. “It’s no secret that the bank’s e-invoice is the most popular channel among private individuals in Estonia due to the convenient opportunity to pay the bill immediately.”

Arved.ee is one of Fitek’s and parent company’s Unifiedpost e-invoice services for small and medium-sized enterprises. In Europe, the service is called Invoice Gate and is being developed in Estonia. “We are coloring the map of Europe bluer and bluer. The service was recently launched in Latvia and Lithuania, and in July the next 8 countries will be added. Fitek will continue to develop paperless settlement in Europe,” says Andres Lilleste.
The Fiteki and Unifiedpost project is financially supported by CEF (Connecting Europe Facility).

Fitek Group and Unifiedpost Group
Fitek Group operates in Estonia, Latvia, Lithuania, Slovakia, Serbia, and Bosnia and Herzegovina and employs 280 people. Fitek Grupp is owned by the Belgian company Unifiedpost.

Unifiedpost Group is Europe’s leading financial technology group with a turnover of € 70 million, employing more than 800 people, more than 90 of whom are engaged in research and development.

Additional information: Andres Lilleste, Fitek Estonian Business Manager andres.lilleste@fitek.com tel +372 6519 000

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