SunTec Business Solutions, a pricing and billing software firm, announced that Saudi Arabia-based Riyad Bank has deployed its Xelerate platform in order to go live with the Zakat, Tax and Customs Authority (ZATCA) integration for e-invoicing.
The Zakat, Tax and Customs Authority of Saudi Arabia is committed to collecting Zakat, taxes, and customs charges with an aim to achieve the highest level of taxpayer compliance feasible in accordance with best practises.
In order to maximise compliance, productivity, and competitiveness, the authority is also in charge of planning and managing all activities related to ports and customs operations.
Through the integration with ZATCA’s platform, FATOORA, under Wave 2 E-invoicing, banks will be able to produce standard and simplified e-invoices, said SunTec Business Solutions.
These digital invoices can be shared with the FATOORA portal for reporting, which will be validated by the portal and subsequently returned with an acknowledgement status. It is said to ensure an invoicing process that is compliant, tamper-proof, and seamless.
SunTec Business Solutions said that it is also collaborating with five banks in the region other than Riyad Bank to integrate the e-invoicing solution with FATOORA.
SunTec Business Solutions president Amit Dua said: “We are truly delighted to have implemented the e-invoicing regime and ZATCA integration at Riyad Bank.
“The SunTec e-invoicing solution seamlessly 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. Our solution will further ensure that invoices are seamlessly reported to ZATCA.”
With its expertise in indirect taxation and digital transformation in the banking sector, SunTec Business Solutions is said to have implemented its indirect taxation product in over 55 banks across the Gulf Cooperation Council (GCC) countries and India.