What is RTE 2 RealTime Economy is an environment where all the transactions between business parties are in digital format increasingly automatically generated and completed in realtime both from business and ITprocessing perspectives For enterprises public sector and ID: 788439
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Slide1
Real-Time
Economy
for Europe
Slide2What is RTE?2
Real-Time Economy is an
environment
where all the
transactions between business parties are in digital format, increasingly automatically generated, and completed in real-time both from business and IT-processing perspectives. For enterprises, public sector, and citizens this means, for example, that orders, order confirmations, invoices, and payments flow from system to system without delays. This makes it possible to move towards electronic archiving, electronic book-keeping, and automated accounting.
Real-Time
Economy
Competence
Centre of Aalto
University
Slide3Real-time economy
– national co-innovation
Full
SEPA
2006
2008
2009
2010
2012
FVC
FIA1
FIA2
SME50
Full SEPA
(Full Single European Payment area)
SEPA payments
eInvoicing
FVC
(Full Value Chain)
- Harmonising value chain development
FIA 1
(Fully Integrated Accounting 1)
1.1.2009-30.6.2010
eAccounting reference (tiliöintiviite) Standard for Electronic Financial Reporting (www.raportointikoodisto.fi )Global eInvoicing standard ISO20022European eInvoicing work
FIA 2 (Fully Integrated Accounting 2) 1.8.2010-30.12.2011 Electronic Financial Statement and XBRL Fully Integrated Payroll (FIP): Payroll reporting codes and practices Real-Time VAT European eInvoicing work
SME 50
(’Administrative costs in half…’)
2012-2013
AFA
– Automated Financial Administration
FAR
– Fully Automated Reporting
ERM
– Enterprise Risk Mitigation
SIM
– Sustainability Intelligence Management
Slide4Real-time
e
conomy
: National Co-innovation Program CONSUMERSKuluttaja-tutkimuskeskus, TeliaSonera, FK, …
SME
s
AgentIT,Dicole
,
Finansia,Hawcon,Hammerkit
,
Maventa
,
ProCountor, ...
BANKSAktia, OP-Pohjola, Nordea ,
Sampo, Suomen Pankki, ...COMPANIES
ALD Automotive, Finnair,LindströmPretax, UPM-Kymmene
, Wärtsilä, Asiakastieto, ...
ACADEMICSAalto, Hanken, ÅA, TY, Politecnico
di Milano, University of Nevada, ...
OPERATORS & SERVICE PROVIDERSAditro,Basware
, OpusCapita,Telia-Sonera,Tieto, Itella, …
PUBLIC ORG.Hansel, Kuntaliitto, PRH,Tieke, Valtiokonttori, vero, VM, TEM
, STM, Kela, ...INTEREST GROUPSFK, Taloushallinto-liitto, Keskuskauppak., Suomen Yrittäjät, EK,
Sitra, ...
Slide5RTE>ICT2015
Infrastructure
for
r
eal-time economy (path 2)Salary-payment-specific tax reporting & income registerVAT reportingXBRL standard
Automated
accounting
Slide66
Seller
”
Buyer
Supplier
Logistics
Payments
Public
sectoer
reporting
Cash flow
Accounting
Financing
IT-services
E-invoiceSupplier
Logistics
Public sectorreporting
Cash flow
AccountingRev FactoringPaymentsIT-services
E-invoiceCustomer
CustomerBig Data to move from self-service to service Automation and real timeinside network - incl Public sector
Automation and real timebetween networks
Two
dimensions –
commercial
and administrative
connecting
– in real time
Automation and real time
inside
network
-
incl
Public
sector
Slide7Real-time economy – the new paradigm
Full
automation
of commercial and administrative information flows – throughout networks Real-time – start and end in same instance (also for IT processing part) Standardisation – of message content,
interfaces
and data
bases
–
increasingly
global
(ISO20022 central)Administrative reporting needs are
collected from corporate financial systems – as
automatic byproducts from salary
payments, e-invoicing, payments and
account statements. Strong
drivers towards harmonised EU Single Market (can become real only
through digitalisation)
Slide8Real-time VAT
ISO20022
ISO20022
ISO20022
ISO20022ISO20022
ISO20022
Slide9Bigger reporting picture
Seller
Buyer1
Invoice
fileE-Invoice file
(
any
format)
Buyer2
E-mail
(PDF)
Mail
Buyer3
Domestic
VAT
EU - VAT
Tax
inspection
Intrastat
Forecasting
Data
Extraction
Operator
+ + + + + +
Slide10Automated and real-time reporting
XBRL &
Account-based
automated accountingSalarypayments
Information
to
Tax
without
need
to change
presents systems
1
Income
register
MunicipalitiesSocialsec
KELA
2
VAT reportingbased on
eInvoicing
Nationalinfra
Slide11Real Time Economy
Should
we
not plug in?