Invoice Verification Module
Cygnet Digital’s invoice verification module provides an extensive health check of the invoices available for discounting purposes by validating them through GSTN, IRP and NIC data. Before discounting any invoice, the financiers can verify the invoices to ensure a concrete transaction.
Architecture: Invoice verification module
Approach 1
Lenders can provide the invoice details to verify and reconcile with GST, e-Way bill or e-Invoice data before providing an invoice discounting facility to borrower
Approach 2
Alternatively, with due consent from borrower’s, lenders can get the vetted data from GST, e-Way bill, or e-Invoice system i.e., pre-verified data onto their invoice discounting platform and then borrower can select from already available invoices and apply for financing.
Details are manually entered in lenders invoice discounting platform
To validate the authenticity of the invoice details, invoice copies are required
Continuous follow-up with the corporates to share the original invoice copies
Requires physical visit to corporate places for verifying the invoices on sampling basis
Realtime verification of borrower’s invoice details with GST, e-Way bill or e-Invoice data
An automated credit verification & appraisal process reducing the overall TAT and operational expenditure
A detail reconciliation report highlighting any data discrepancies.
Secure platform ensuring that the borrower’s consent data is encrypted and is used for specific and informed purpose only
Features
Registered party
The e-Way bill generation onus lies on either registered party: buyer, seller or transporter; hence, if one party is unregistered, the data fetching does not get impacted.
Data transfer
Data can be fetched from the NIC portal basis single invoice no., date, and type of e-Way bill number. Internally, data transfer is frequently utilized as a substitute for a comprehensive business application integration system.
Invoice details
e-Invoice details (IRN / QR Code) will also be a part of the response received from NIC. A time-stamped commercial document clearly outlines and records a transaction between a buyer and a seller in invoice details.
Billing process
All transactions where e-Way Bills are generated can be fetched compared to return filing, which is a monthly activity. Getting your bills out quickly generally means getting paid quickly, resulting in a stress-free billing procedure.
