Real-time economy

Real-time economy

Account Studio OÜ participates in a real-time economy follow-up project standardises the information of automated business transactions

Four years ago, the Estonian ICT cluster initiated a real-time economy project Internet of Business (IoB) with a goal to develop a secure and standardised network for real-time automated business transactions. The project has been led with the help of numerous partners who see real-time economy vision as part of a long-term perspective.

“The goal of the Estonian information society development plan 2014-2020 for the public sector to accept only e-invoices was achieved last summer,” said Kaido Heinsalu, business development manager at international e-invoice operator and software developer Tieto Estonia, also a partner to IoB project.

“The European e-invoice standard has been adopted in Estonia, we have joined international data exchange network PEPPOL, and thanks to Estonian e-invoice operators being integrated to the X-road data exchange layer, Estonian public sector is now also accessible to Europe,” named Heinsalu a few among several activities undertaken to move on even more ambitiously.

Activities of the Internet of Business project started again on February 1st, 2020. The earlier consortium of e-invoice operators and private sector associations now also includes business and accounting software providers. “From e-invoicing we are now moving on to standardising information of the entire business transaction process. We are using the widely spread XBRL GL standard or create the necessary premises needed for automated reporting with the state as well as for exchanging machine-readable transaction information between businesses,” added Heinsalu.

As part of the IoB project, a unique MyCompanyData solution will be developed, which provides automated business transaction and reporting services through e-invoice operators and business software companies. XBRL GL is also the same standard that is being introduced within the ‘Reporting 3.0’ project by the Statistics Estonia and Estonian Tax and Customs Board. As part of the IoB project, the European e-invoicing standard will also be made compatible with XBRL GL to ensure capability of exchanging cross-border and domestic information with parties that do not adopt XBRL GL or MyCompanyData immediately.

According to Heinsalu, the project will provide public guidance material in the beginning of 2021 for Estonian and foreign businesses to adopt MyCompanyData service model and XBRL GL. “Real-time economy and Internet of Business are not only technology projects, but rather share a mutual vision for the entire entrepreneurship sector as well as for our citizens. Due to the automated business transactions, the economy will become more transparent, predictable and secure – businesses will improve credibility, increase value, improve service quality and reduce the share of human mistakes and frauds,” said Heinsalu.

Partners to the project are ITL Digital Lab, Association of Estonian Accountants, Tieto Estonia AS, Fitek AS, Columbus Eesti AS, BCS Itera AS, Account Studio OÜ, SimplBooks OÜ and OÜ Skriining.

In 2020, the project activities will be financed with 953,584 euros supported by the CEF Telecom 2019 e-invoicing program, among which 75% is co-financed.

Internet of Business project has been previously supported by the Interreg Baltic Sea Region Seed Money program in 2016 and by the CEF Telecom eInvoicing 2016 program in 2017.

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