We envisage a future where millions of small businesses no longer need to handle shoe boxes full of receipts and invoices becuase they just appear in their financial system. We envisage a future where high growth medium businesses are no longer cashflow cosntrained because debtor financers can verify appoval directly with buyer systems. The hack leverages abr.gov.au , the national e-invoicing standard, and vanguard.gov.au.
Alice and Bob use different financial (ledger software) to run their businesses. Both Alice and Bob publish their invoice service information on a national service registry that is based on government data and identity services. Alice sends an e-invoice to Bob. Bob approves the invoice for payment in 60 days. Charles can verify Bob's approval and then can pay Alice in one day. Everyone gets the efficiency benefit of automation and Charles can confidently solve Alice's cashflow problems.
Who are the bridge trolls?
Electronic document exchange isn't new. But it's currently a costly process that run by supply chain hubs that essentially "stand on the bridge and charge a fee to cross". Our hack aims to demonstrate a ubiquitous peer-to-peer e-invoicng model based on standards and trusted identity services that doesnt need the bridge trolls and removes all costs from the network.