Riyad Bank taps SunTec for e-invoicing integration with Saudi tax office
Riyad Bank, one of Saudi Arabia’s largest financial institutions, has integrated the Zakat, Tax and Customs Authority (ZATCA) e-invoicing solution, using SunTec’s Xelerate platform.
Riyad Bank taps SunTec for e-invoicing integration
SunTec is working with the region’s top five banks to integrate the e-invoicing solution with ZATCA’s Fatoora platform under Wave 2 e-invoicing.
Wave 2 will see institutions with revenues of SAR 500 million ($133 million) and above for calendar year 2021 required to implement changes in their systems in order to integrate and standardise billing systems with ZATCA starting from 1 July 2023.
The SunTec-supported integration allows banks to generate standard electronic invoices and share them with Fatoora for reporting and validation purposes, “ensuring a compliant, tamper-proof and a seamless invoicing process,” the pricing and billing firm says.
SunTec president Amit Dua says the e-invoicing solution integrates with the bank’s existing IT systems and enables complete digital invoice management, while ensuring security, accuracy, and regulatory compliance.
“Our solution automates the entire invoicing process (and amendments), thereby reducing time and cost overheads,” Dua adds.
SunTec claims to have implemented its indirect taxation product in more than 55 banks across the Gulf Cooperation Council (GCC) countries, as well as India.
The Zakat, Tax and Customs Authority collects Zakat, an Islamic Finance tenet requiring all Muslims to donate a portion of their wealth to charity, taxes, as well as customs duties in the Kingdom of Saudi Arabia.
