Finland is the leading country in the second Netbank revolution. Whereas in the aftermath of the first revolution nearly all Finns handle their bank matters on the Net, now companies are transferring at a rapid pace to e-invoicing.

In the second revolution the talk is of e-identifiers, e-signature, real-time e-payment, e-salary and primarily the use of Netbanks to send e-bills. Finland's biggest Netbank, Nordea, launched the e-invoicing concept in Finland a year ago. Already involved are close on 25,000 companies and the number is growing constantly.

"Thanks to Netbanks there is nowhere in the world as much experience of or confidence in e-transactions as in Finland. Nowhere else have global standards been introduced so harmoniously or e-invoicing become so advanced," says Bo Harald, Executive Vice President, Internet Banking Services.

Harald talks of a real sensation that will put Finland on the world map and create a strong base for exports in consultation and information technology applications.

The sensation has aroused major international interest. "The European Union and European Central Bank are extremely interested. Bank and other delegations visit us weekly," Harald says.

Bills on the Net, trees in China

"The effects of an increasingly open world economy on the competition between companies and countries are very clear. Only proactive measures to reduce costs and continuous development work to produce added value will guarantee success," Harald points out.

"Understanding electronic processes is an extremely fundamental issue for Finland's competitiveness. We now hold solutions that enable savings in costs in a new way and improve productivity, quality and, principally, customer service."

As a mass market solution, e-invoicing is, Harald says, probably the biggest cost-saver on the horizon in the processes of companies and the public sector. For example, in Finland about 120 million euros are spent annually on about four million paper invoices processed by government offices, if an average of 30 euros is spent on one bill.

There is also quite an environmental bill created with paper invoicing. For 20 billion paper bills to be sent in Europe, between 10 and 16 million trees are felled and transported to mills. From this come 400,000 tonnes of paper, which are transported on to printing plants and to the mail box.

"All this is quite unnecessary. Europe will have a better trade balance if paper is exported to China, where there is more than enough demand," Harald says with a smile.

E-invoicing is patriotic

Harald quotes Esko Aho, the President of the Finnish National Fund of Research and Development (SITRA): "The high degree of networking in the economy is a very big competitive edge. Finland has been the world champion in developing the technology. Now is the time to take the world championship in exploiting the technology".

"Unlimited markets will become electronic quickly. What was not possible yesterday - because the technology was too expensive - is always a possibility today," Harald adds.

In a networked economy companies will serve with e-tools and the public sector will transfer to an e-channel. The transfer may be quick, because e-invoicing is based on a European standard that is ready and does not require investment by a small company. "In the EU 15 million companies need this service," Harald reckons.

He goes on to say that in Finland e-invoicing is a directly patriotic duty. If somebody comes up with one good reason not to link up with e-invoicing, the bank director promises to buy him or her a bottle of champagne as a prize.

Almost all Finns handle their bank matters on the Net.