Riyad Bank, one of the largest financial institutions in Saudi Arabia, integrated the Zakat, Tax and Customs Authority (ZATCA) solution for e-invoicing, deployed on SunTec Xelerate platform
Riyad Bank, one of the top banking institutions in the Kingdom of Saudi Arabia, has launched a new Zakat, Tax and Customs Authority (ZATCA) integration for e-invoicing, enabled by SunTec Business Solutions, a relationship-based pricing and billing software company.
The Zakat, Tax and Customs Authority collects Zakat, taxes, and customs duties while achieving taxpayer compliance in accordance with best practices. Since 1 January 2023, phase two of the e-invoicing mandate has come into effect. It obliges the taxpayers subject to VAT to integrate into the ZATCA (FATOORA) platform and send e-invoices with specific content in the defined structured format, in real time. Previously, suppliers were able to generate and store paper or PDF invoices for reporting purposes.
To comply with the new rules, SunTec is closely cooperating 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. The firm has implemented its indirect taxation product in more than 55 banks across the Gulf Cooperation Council (GCC) countries and India.
SunTec’s solution gives banks the ability to generate simplified and standard digital e-invoices and share them with the FATOORA portal. The reports are then validated and returned with an acknowledgement status.