Glossary
Glossary
- IBAN
- ICT
- Identifier
- Information Element
- Instant Payments
- Internet Protocol
- Interoperability
- Invoice
- Invoice Finance
- Invoice issue date
- Invoice number
- Invoice or receivables discounting
- Invoice Response (IR)
- Invoice response or status message
- ISO
IBAN
Last modified on: 31/08/2022 22:09is an internationally agreed system of identifying bank accounts across national borders to facilitate the communication and processing of cross border transactions with a reduced risk of transcription errors. An IBAN uniquely identifies the account of a customer at a financial institution.
ICT
Last modified on: 31/08/2022 22:10stands for Information and Communications Technology.
Identifier
Last modified on: 31/08/2022 22:10is the unique name or code (e.g. alphanumeric) for variables, attributes, methods, classes, packages and interfaces. Unlike literals they are not the things themselves, just ways of referring to them. An alternative definition is character string used to establish the identity of, and distinguish uniquely, one instance of an object, within an identification scheme, from all other objects within the same scheme. Identifiers may be set out in code lists.
Information Element
Last modified on: 31/08/2022 22:10in the European Norm for the semantic model of the core elements of an e-invoice, it is semantic concept (e.g. a business term or component of an invoice) that can be defined independently of its representation in a syntax. In a structured form, it is an information element that can be processed automatically.
Instant Payments
Last modified on: 31/08/2022 22:11Instant payments are electronic retail payment solutions available 24/7/365 and resulting in the immediate or close-to-immediate interbank clearing of the transaction and crediting of the payee’s account with confirmation to the payer (within seconds of payment initiation).
Internet Protocol
Last modified on: 31/08/2022 22:11The Internet Protocol (IP) (or TCP/IP- Transmission Control Protocol/Internet Protocol) is the method or protocol by which data is sent from one computer to another on the Internet.
Interoperability
Last modified on: 31/08/2022 22:11is defined as the ability of a seller or a buyer together acting as trading parties to exchange compliant e-invoices and other supply chain electronic messages containing the essential information elements required by both seller and buyer, irrespective of the information technology environment, back-office systems, or third-party solutions or services used by each. Although interoperability is usually based on a cooperation model between service provider/access points offering access to an interoperable network, it is also essential to consider the requirements and facilities required to fully support the needs of end-users i.e. the trading parties in the chain, as this is the underlying interoperability that needs to be supported.
Invoice
Last modified on: 31/08/2022 22:11is a detailed summary of goods and services provided or rendered by a seller to a buyer. It is a demand for payment on specified terms, and often establishes a tax liability in respect of VAT or sales taxes. It is not usually a negotiable instrument but the proceeds of an invoice may be assignable from one party to another.
Invoice Finance
Last modified on: 31/08/2022 22:11a sub-set of Supply Chain Finance, including a variety of techniques related to financing of invoices such as Receivables/Invoice Discounting, Factoring, Payables Finance and Loans or Advances against Receivables.
Invoice issue date
Last modified on: 31/08/2022 22:12the date when an invoice was issued. It may or may not be the value-added tax point date.
Invoice number
Last modified on: 31/08/2022 22:12is the sequential number required in Article 226(2) of the Directive 2006/112/EC, to uniquely identify an invoice within the business context, time-frame, operating systems and records of the seller. It may be based on one or more series of numbers, which may include alphanumeric characters.
Invoice or receivables discounting
Last modified on: 31/08/2022 22:12is a form of receivables purchase, flexibly applied, in which sellers of goods and services sell individual or multiple receivables (represented by outstanding invoices) to a finance provider at a discount. It is also used as a variant of factoring.
Invoice Response (IR)
Last modified on: 31/08/2022 22:12a message which corner 4 (receiver or buyer) issues to corner 1 (sender or seller) in a four-corner model through corners 3 (receiver’s service provider) and corner 2 (sender’s service provider) to update the business processing status of the original document such as invoice, e.g. approved to pay, rejected with cause, or in process. In some cases, corner 3 has a mandated authority to issue business status feedback using an IR on behalf of corner 4.
Invoice response or status message
Last modified on: 31/08/2022 22:12is a message sent by a buyer or a service provider on its behalf to the seller indicating that an invoice has been accepted or rejected, or providing other status information.
ISO
Last modified on: 31/08/2022 22:13is the International Organization for Standardization, an international standard-setting body composed of representatives from various national standards organizations. ISO is well known for the creation of the ISO 20022 XML family of standards used in the financial industry.