21/06/2017

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.

Fitek has launched a European e-invoice portal InvoiceGate.com, enabling small- and medium-sized enterprises to send and receive e-invoices simply and transparently. E-invoice portal is a technologically advanced platform with a modern appearance. The platform enables the user to send and receive e-invoices locally and throughout the European network PEPPOL. InvoiceGate.com launch started with localized e-invoice portal arved.ee launch in Estonia in June 2019.

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Fitek Group, the leading Baltic and European fintech and e-invoice solutions provider, will participate in Europe's biggest FinTech event Money20/20 Europe – 3-5 June 2019 in Amsterdam, Netherlands. Money20/20 is where the payments, FinTech and Financial Services communities come together to connect and build the future of the financial service industry.

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Released on 21 May 2019, the Billentis Report The E-invoicing Journey 2019-2025 covers information on global trends in e-invoicing, adaptation, analysis and statistics, as well as explores emerging technologies and suggests development focus areas.

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