Standard Invoice Initiative
In the current environment of the brokerage industry there are a number of challenges that firms face when attempting to invoice one another. Firms have diverse internal accounting systems and invoicing processes. Differences in file types, formatting requirements, invoice fields, and reference data all contribute to manual invoice reconciliation being a time consuming, complex, and difficult task. Not only is each invoice unique but format changes are often made as well. This leads to reconciliation becoming a constant game of catch-up.
To combat these challenges, FIA Tech has produced and promoted the use of an industry wide Standard Invoice Format. When developing the Standard Invoice Format, FIA Tech determined that the following criteria needed to be met:
- Draw from a common lexicon
- Have low technical hurdles
- Allow for low floor, high ceiling
- Be future-proof
- Change infrequently, and then only predictably
With these criteria in mind the FIA Tech Standard Invoice Format was established. The Standard Invoice Format meets each of the criteria listed above:
- It uses ISO reference date, exchange defined product codes (common lexicon)
- It is in the .CSV format (low technical hurdle)
- It has 18 required fields, 53 available for increased precision (low floor, high ceiling)
- Accommodates next-gen brokerage platforms: Atlantis (future-proof)
- Change control by committee, regular biannual updates (Change infrequently and predictably)
Simply put, the FIA Tech Standard Invoice will help firms pay and get paid in a much more timely fashion. With formatting no longer part of the process, reconciliation is simplified leading to full invoice payment frequently within 60 days.
Please direct any questions regarding adopting the FIA Tech Standard Invoice Format to eRECS Support: 1.202.772.3000, firstname.lastname@example.org.