back Back

Riyad Bank goes live in KSA with the E-invoicing ZATCA integration enabled by SunTec Xelerate

By Leandra Monteiro

February 21, 2023

  • Compliance
  • Digital Transformation
  • E - Invoicing
Share

SunTec, Riyad BankSunTec Business Solutions, a relationship-based pricing and billing software company, announced that Riyad Bank, one of the largest financial institutions in the Kingdom of Saudi Arabia (KSA), has gone live with the Zakat, Tax and Customs Authority (ZATCA) integration for e-invoicing, deploying its SunTec Xelerate platform.

Along with Riyad Bank, SunTec is also working closely with the top five banks in the region to seamlessly integrate the e-invoicing solution with ZATCA’s platform (FATOORA) under Wave 2 E-invoicing. With this integration, banks will be able to generate simplified and standard e-invoices and share the digital invoices with the FATOORA portal for reporting, which in turn will be validated by the portal and returned with an acknowledgment status, thus, ensuring a compliant, tamper-proof, and a seamless invoicing process.

Amit Dua, President at SunTec 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.”

SunTec has a strong global experience in indirect taxation and digital transformation in the banking landscape. SunTec has implemented its indirect taxation product in more than 55 banks across the Gulf Cooperation Council (GCC) countries and India.

The Zakat, Tax and Customs Authority undertakes to collect Zakat, taxes, and customs duties while achieving the highest level of taxpayer compliance possible in accordance with best practices.

Previous Article

February 20, 2023

Soldo selects Form3 for SEPA capabilities

Read More
Next Article

February 21, 2023

GIMO hits first close of Series A at $5.1m led by TNB Aura

Read More






IBSi Daily News Analysis

cybersecurity,

June 20, 2024

Compliance

Why predictive AI is a critical necessity in the field of cybersecurity

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

Today

Ageras to acquire French FinTech Shine from Societe Generale

Read More

Today

SumUp & Adyen partner to bring faster payouts to SMEs globally

Read More

June 20, 2024

4 Open Banking platforms shaping the future of financial data in the US

Read More

Related Reports

Sales League Table Report 2024
Know More
Global Digital Banking Vendor & Landscape Report Q1 2024
Global Digital Banking Vendor & Landscape Report Q1 2024
Know More
Wealth Management & Private Banking Systems Report Q1 2024
Wealth Management & Private Banking Systems Report Q1 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023