Volkswagen Financial Services Contracts TIE Kinetix for 100% Digitalization of Incoming Invoices
Breukelen, the Netherlands – October 28, 2022 at 8 AM CEST–TIE Kinetix,a leader in 100% supply chain digitalization, announced today a new 5-year contract with Volkswagen Financial Service AG valued at approximately € 433,000 for the DACH region.Volkswagen Financial Services AG is a wholly owned subsidiary of Volkswagen AG that operates and coordinates the financial services activities of the Volkswagen Group throughout the world. In addition to vehicle financing, leasing and insurance, Volkswagen Financial Services offers various mobility services such as fleet management or rental solutions for vehicles from passenger cars to heavy-duty trucks.
By selecting TIE Kinetix’s FLOW Partner Automation platform, Volkswagen Financial Services AG will be able to receive and automatically process electronic invoices in a secure and efficient manner. This contract enables the company to exchange up to 1,000,000 documents per annum. The company will be able to receive e-invoices in accordance with a variety of e-invoicing standards, including the Peppol and the X-Rechnung standards, to validate invoices and allow exchange via the Peppol network.
The electronic invoice process will be 100% digitalized and compliant with the applicable regulations and e-invoicing standards available in Germany. The need to support the digitalization of the supply chain and electronic invoice exchange process is growing rapidly across the DACH region and in the automotive industry.
Volkswagen Financial Services AG chose TIE Kinetix because of the company’s long history and expertise in document flow automation in the supply chain, and the collaboration highlights the growing demand for the automation of electronic invoices in the DACH-region in general. In order for a company to be successful in digitalizing their exchange processes, it is crucial that all suppliers are capable of exchanging their documents electronically—not only a few large trading partners. TIE Kinetix’s FLOW platform has been developed to support exactly this and offers all suppliers (large, medium, and small businesses) the possibility to exchange documents electronically.
This document may contain expectations about the financial state of affairs and results of the activities of TIE Kinetix as well as certain related plans and objectives, and may be expressed in a variety of ways, such as ‘expects’, ‘projects’, ‘anticipates’, ‘intends’ or similar words. TIE Kinetix has based these forward-looking statements on its current expectations and projections about future events. Such expectations for the future are naturally associated with risks and uncertainties because they relate to future events, and as such depend on certain circumstances that may not arise in future. Various factors may cause real results and developments to deviate considerably from explicitly or implicitly made statements about future expectations. Such factors may for instance be changes in expenditure by companies in important markets, in statutory changes and changes in financial markets, in the salary levels of employees, in future borrowing costs, in future take-overs or divestitures and the pace of technological developments. TIE Kinetix therefore cannot guarantee that the expectations will be realized. TIE Kinetix also refuses to accept any obligation to update statements made in this document.