Standards Adopted for E-Invoicing
International Standards
1. UBL (Universal Business Language)
Standardizes eInvoice data formats, enhancing local and cross-border compliance. UBL provides a common XML-based format that ensures invoices can be exchanged between different systems.
2. WCO Harmonized System (HS) Code
Standardized nomenclature for classifying traded goods, essential for cross-border transactions. Every product or service on an invoice should reference the appropriate HS code.
3. GDPR & NDPA
Protects personal and financial data through compliance with both global and local data privacy regulations, including Nigeria's NDPR (Nigeria Data Protection Regulation).
4. ISO 20022
Facilitates global standardization of eInvoice messaging, ensuring interoperability across different financial systems and payment platforms.
5. ISO 27001
Provides best practices for information security management, ensuring that all data within the e-invoicing system is properly secured against unauthorized access and breaches.
6. International Company Designation (ICD)
A unique character code to identify legal entities in financial transactions, enhancing global transparency and regulatory reporting.
Why These Standards Matter
- Interoperability: Ensures invoices can be processed by any compliant system
- Security: Protects sensitive financial and personal data
- Compliance: Meets both Nigerian and international regulatory requirements
- Cross-border: Facilitates international trade and invoicing