Periodic Reporting for period 3 - Digiteal (Digiteal: Next generation e-invoicing and e-payment platform, one-click and automatic invoice payment anywhere in the SEPA zone)
Reporting period: 2020-04-01 to 2020-09-30
The European financial sector has been opened up, creating opportunities for innovative consumer and business-oriented financial services. The EU is standardising the banking and payment landscape, in part through its Single Euro Payments Area (SEPA) payment-integration initiative for the simplification of bank transfers and in part with PSD2.
Digiteal is the next generation web and mobile electronic invoicing and payment system that enables payment in and between all countries in the SEPA zone. Digiteal is unique, offering a SEPA-wide domiciliation management platform for end-users. Our clients are B2C European companies that issue high volume of invoices in paper. We offer an intuitive platform to transmit and manage their invoices sent to consumers, and a low-cost payment enabled by SDD. This reduces operating costs, allowing issuers to gain significant financial savings with minimal implementation costs. Our end users (their customers) are able to conveniently manage and pay their payment requests and invoices for free.
The Digiteal payment platform provides more consumer control, increasing business competitiveness and financial control - all whilst significantly lowering cost, environmental impact and carbon footprint. Our payment platform enables companies within the EU to cut their interoperability transaction costs within and across the EU and gives EU citizens complete control of their SEPA mandates.
Our solution delivers on several key European initiatives, helping make the Digital Single Market (DSM) strategy a reality and delivering the EU eGovernment Action Plan. Digiteal delivers a step-change in business (and European) competitiveness and aims to reduce the huge dependencies on US online payment services.
Digiteal is the next generation web and mobile electronic invoicing and payment system that enables payment in and between all countries in the SEPA zone. Digiteal is unique, offering a SEPA-wide domiciliation management platform for end-users. Our clients are B2C European companies that issue high volume of invoices in paper. We offer an intuitive platform to transmit and manage their invoices sent to consumers, and a low-cost payment enabled by SDD. This reduces operating costs, allowing issuers to gain significant financial savings with minimal implementation costs. Our end users (their customers) are able to conveniently manage and pay their payment requests and invoices for free.
The Digiteal payment platform provides more consumer control, increasing business competitiveness and financial control - all whilst significantly lowering cost, environmental impact and carbon footprint. Our payment platform enables companies within the EU to cut their interoperability transaction costs within and across the EU and gives EU citizens complete control of their SEPA mandates.
Our solution delivers on several key European initiatives, helping make the Digital Single Market (DSM) strategy a reality and delivering the EU eGovernment Action Plan. Digiteal delivers a step-change in business (and European) competitiveness and aims to reduce the huge dependencies on US online payment services.
Security architecture and auditing of the payment system
Digiteal has developed a solid security architecture, an auditing system and procedures that enable it to operate payments in a safe way. Digiteal complies with the national and international regulations. Procedures are constantly updated following the recommendations of the National Bank of Belgium and the EBA.
Payment system module
Digiteal has developed a solid and secure payment and risk management system. This allows Digiteal to not rely on third party services for their payment and risk management, having more independence and a much better margin on its operations.
Architecture of the mobile application
As we reuse existing components, the architecture has been rapidly adopted and we were able to create the development, test and production environment around it. The communication between notification services and the Digiteal services is operational and every data transiting on the network is secured and only readable by the recipient. New versions will be released in the future. The chosen architecture allows us to respect the privacy of our customers and is a pledge of quality and security.
Implementation of the mobile application
Today, we are able to distribute our services through an application available for Android and IOS for a large list of devices and OS’s. Thanks to our technologies and the test process, we are able to ensure availability and stability of our services on smartphones.
Hence, we are proud to have successfully developed a market ready mobile app, as the next generation integrated e-invoicing and e-payment platform, which works in synergy with the Digital Single Market, allowing European businesses to increasingly go paperless.
Integration with major third-party invoice senders
Digiteal is integrated as an invoice presentment channel in more than 10 accounting softwares, ERPs and CRMs. Digiteal is also integrated in the offerings of Document Service Providers that collectively send more than 200 million invoices per year.
PEPPOL compliant access point
To further support European standards, Digiteal became a PEPPOL compliant access point. Digiteal is now sending and receiving documents through its PEPPOL capabilities to accounting softwares. Digiteal is helping spread the use of the standard over network specific and much more expensive options.
Digiteal provides a very comprehensive customer support including:
- FAQ
- In-app help with pop-ups, info-bubbles, badges
- Service portal
- Contact by a form on the public website and by email
Issuer monitoring system
Digiteal provides Business Intelligence tools to enable following up on the status of the invoices and payments sent and processed by our systems. Through webhooks, the companies integrating Digiteal can also provide it to their own customers.
Marketing plan
Digiteal’s sales team and management have described a comprehensive marketing plan including the best target countries, sectors and personnas. By analyzing the concurrency, we were able to better differentiate Digiteal and focus on its unique advantages.
Technical documentation
Digiteal provides a platform whose services are available through an API. The documentation of this API has been provided to our partners leading to faster integration and fewer errors and to a certification program for integrators.
Pre-commercialization plans
In 2020, we have consolidated our commercial plans. Along with the Marketing plan, this allowed us to define the best commercial approach to distribute Digiteal.
Project management
The planned tasks have been performed successfully in the foreseen time. Digiteal is now live providing e-invoicing and e-payment services. All the technical barriers have been lifted. During the following months, we will replicate this success in more sectors and geographies throughout Europe.
Digiteal has developed a solid security architecture, an auditing system and procedures that enable it to operate payments in a safe way. Digiteal complies with the national and international regulations. Procedures are constantly updated following the recommendations of the National Bank of Belgium and the EBA.
Payment system module
Digiteal has developed a solid and secure payment and risk management system. This allows Digiteal to not rely on third party services for their payment and risk management, having more independence and a much better margin on its operations.
Architecture of the mobile application
As we reuse existing components, the architecture has been rapidly adopted and we were able to create the development, test and production environment around it. The communication between notification services and the Digiteal services is operational and every data transiting on the network is secured and only readable by the recipient. New versions will be released in the future. The chosen architecture allows us to respect the privacy of our customers and is a pledge of quality and security.
Implementation of the mobile application
Today, we are able to distribute our services through an application available for Android and IOS for a large list of devices and OS’s. Thanks to our technologies and the test process, we are able to ensure availability and stability of our services on smartphones.
Hence, we are proud to have successfully developed a market ready mobile app, as the next generation integrated e-invoicing and e-payment platform, which works in synergy with the Digital Single Market, allowing European businesses to increasingly go paperless.
Integration with major third-party invoice senders
Digiteal is integrated as an invoice presentment channel in more than 10 accounting softwares, ERPs and CRMs. Digiteal is also integrated in the offerings of Document Service Providers that collectively send more than 200 million invoices per year.
PEPPOL compliant access point
To further support European standards, Digiteal became a PEPPOL compliant access point. Digiteal is now sending and receiving documents through its PEPPOL capabilities to accounting softwares. Digiteal is helping spread the use of the standard over network specific and much more expensive options.
Digiteal provides a very comprehensive customer support including:
- FAQ
- In-app help with pop-ups, info-bubbles, badges
- Service portal
- Contact by a form on the public website and by email
Issuer monitoring system
Digiteal provides Business Intelligence tools to enable following up on the status of the invoices and payments sent and processed by our systems. Through webhooks, the companies integrating Digiteal can also provide it to their own customers.
Marketing plan
Digiteal’s sales team and management have described a comprehensive marketing plan including the best target countries, sectors and personnas. By analyzing the concurrency, we were able to better differentiate Digiteal and focus on its unique advantages.
Technical documentation
Digiteal provides a platform whose services are available through an API. The documentation of this API has been provided to our partners leading to faster integration and fewer errors and to a certification program for integrators.
Pre-commercialization plans
In 2020, we have consolidated our commercial plans. Along with the Marketing plan, this allowed us to define the best commercial approach to distribute Digiteal.
Project management
The planned tasks have been performed successfully in the foreseen time. Digiteal is now live providing e-invoicing and e-payment services. All the technical barriers have been lifted. During the following months, we will replicate this success in more sectors and geographies throughout Europe.
Digiteal provides a SaaS (Software as a Service) solution and a mobile application to enable e-invoicing and e-payment throughout the SEPA-zone. By operating the payments themselves, wecan provide an inexpensive and extremely user-friendly paying experience. This payment can be integrated in a broad range of solutions: paper, web portals, emails and mobile apps. Digiteal also provides recurrent payment automation controlled by the debtor, revolutionizing the way payments are done today. With Digiteal, customers scan, click and pay with no manual input and no processing errors.
More than 6 months after the coming into force of PSD2, user experience is still often subpar because of poor banks support. Digiteal is both supporting PSD2 and trusted SEPA schemes to provide an alternative for the time-being.
Advantages of Digiteal
- Provides a 5.75 times cheaper solution than the closest competitor.
- Allows businesses to “Go Digital” easier than any current market solution thanks to different payment options developed (click to pay, and scan2pay).
- Allows businesses of all sizes to build new cash flow models such as subscription-based payments while giving end consumers greater choice in how much and when to pay.
- Enables marketplace business to operate payments without having third-party funds on their bank accounts. This enables them to operate in a way that respects financial legislation while keeping low transaction costs.
Added value
- Our solution has a significant positive impact on the environment, as switching to e-invoicing decreases the carbon footprint of one invoice (lifecycle) by 63%
- Our simple scan2pay (QR code) for customers enables a very intuitive use of the app, allowing everyone to use it.
- Invoice issuers get paid faster, more regularly and at a lower cost.
More than 6 months after the coming into force of PSD2, user experience is still often subpar because of poor banks support. Digiteal is both supporting PSD2 and trusted SEPA schemes to provide an alternative for the time-being.
Advantages of Digiteal
- Provides a 5.75 times cheaper solution than the closest competitor.
- Allows businesses to “Go Digital” easier than any current market solution thanks to different payment options developed (click to pay, and scan2pay).
- Allows businesses of all sizes to build new cash flow models such as subscription-based payments while giving end consumers greater choice in how much and when to pay.
- Enables marketplace business to operate payments without having third-party funds on their bank accounts. This enables them to operate in a way that respects financial legislation while keeping low transaction costs.
Added value
- Our solution has a significant positive impact on the environment, as switching to e-invoicing decreases the carbon footprint of one invoice (lifecycle) by 63%
- Our simple scan2pay (QR code) for customers enables a very intuitive use of the app, allowing everyone to use it.
- Invoice issuers get paid faster, more regularly and at a lower cost.