Many payments are done by mobile apps these days. It's an unique opportunity - to provide customers with more meaningful information than just amounts of money and automate booking of payments for SMEs and corporations.
The only necessary step is to agree on standards of enriched payment data - "democratized EDI" for 21th century,
Idea of Enriched Payment Data Standard - View in Miro
More details about industries & Automated booking without human touch
There are various usages for Enriched Payments Data i.e. money + information about goods or services being sold , see the example below:
- Enriched payments in retail (in Czech) - you not ony pay but obtain info about the nutrition facts about the food you have bought - critical e.g. if you need to improve your eating habits
- Enriched payments in hospitality - you not only pay the drinks and meals but order them, so service time is cut to 1/2
- Enriched payments in petrol stations & chargers (in Czech) - you not only pay but share also other information necessary to settle of the payments in fully automatic way, lead you and your team to more efficient driving, receive reasonable recommendation about your fleet management etc.
- "Abolish Slavery in Accounting Services" - Enriched payments and fully automated booking without human touch
What is necessary to do for that?
So what is necessary for delivery of promised value i.e. "Provide customers with more meaningful information than just amounts of money and automate booking of payments"?
Very "little". "Almost" nothing. "Just" agree on the open data format to transfers "enriched payments data for various verticals. How it could look like? It is enough if various apps from Uber, Shell etc. will send not only the receipts in graphical form but also in a structured "open data" way. Possible example of relevant e-mail from the petrol and charging stations:
Thank you very much for using our services.
You will find the receipt attached and data for automated processing below.
## ENRICHED PAYMENT DATA FOR AUTOMATED PROCESSING - DO NOT CHANGE ##
AMOUNT/CURRENCY/SUPPLIER/PROVIDER/PAYMENT ID 1 /PAYMENT ID 2 : 1300,CZK,Shell, Axigon,405000101, 2324116081
CAR LICENCE/MILEAGE/UNIT: 1AP6903,125015,KM
POSITION / DATE / TIME /ZONE : 50.0876088, 14.3491173, 2019-07-08, 13:45,CET
COMPANY/ EMPLOYEE / COSTCENTER / CUSTOMER / PROJECT: Blue Ideas Ltd., Roman Ripa, 20, ,
Banks could be pretty good leaders in that. They can exploit their experiences in "Open Banking" forced by EU/EC and help their corporate clients like petrol station chains to adopt the concept as their competitive advantage.
Possible technology and standards
- EDI, UN/EDIFACT - www.edibasics.com, www.edizone.cz, https://en.wikipedia.org/wiki/Electronic_data_interchange
- UBL2.1 - "Universal Business Language", - http://ubl.xml.org/ , http://ubl.xml.org/wiki/ubl-faq#11
- Factur-X - Franco-German standard for hybrid e-invoice (PDF for users and XML data for process automation), the first implementation of the European Semantic Standard EN 16931 published by the European Commission on October 16th 2017
- Standard ICT UNIE ISDOC / ISDOCX 6.0.1 - czech e-invoicing standard supported by all main ERP vendors www.isdoc.org, https://cs.wikipedia.org/wiki/ISDOC, příklady dokladů
- E-invoicing Standard Czech Banking Association - https://czech-ba.cz/elektronicka-fakturace
- E-invoicing in Czech government - https://www.mfcr.cz/cs/verejny-sektor/elektronicka-fakturace/zakladni-informace
"Invoice Delivered By Bank" - New source of revenue for banks
If banks send money efficiently as trusted authorities, why not to send also invoices too - both invoices
- to be paid or
- to be already paid by instant payment, card or cash?
Enriched Payments Data Standard can be simple and straightforward tool for that.
Find more at Banks As Trustful Invoice Messengers - FinTech Scenario .
Fuel for monetization of Instant Payments - SEPA Instant Credit Transfers
How can banks fight with Apple Pay , Google Pay etc.? How can they overtake the revenue of MC/VISA? Simply:
- just support the development and penetration of value added applications upon Enriched Data Payments.... and
- make paying in these apps simple.
Banks could finally use their valuable underutilized asset - customer portfolio for that. Bonus: Sharing of customer portfolio is not visible as a cost in the P&L.
Read more at How to Monetize Instant Payments? For Example By...
So what is the first step you can do?
- Write or call to customer centers of your common suppliers.
- Tell them that you do not want to continue in this idiotic game "print - scan - rewrite bills".
- And that you expect that they change it immediately. Or you change the supplier otherwise ;-).
- If you are from Czech Republic choose e.g. this supplier as he is from the final solution 5 lines of code only.
Interested in this?
- Would you use this service as a customer?
- Would you use this service as supplier? From which vertical - pertrol stations, hospitality, retail, others?
- Would you use this service as bank, e-shop or ERP vendor?
- Under which conditions?
Roman Řípa - Focused on innovation and market strategies at www.bluestrategy.cz , participated e.g. in digital posters development, tried to be a citizen at www.rozpocetobce.cz showing the budgets of all municipalities in Czech Republic. and helped the SMEs in www.profirmy.eu .