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04 Apr 20221 minute read

Open ECX launch new EDI invoicing platform

ECAtoday
Open ECX launch new EDI invoicing platform

ECA Commercial Associate Open ECX have launched a new Electronic Data Interchange (EDI) whitepaper to help users comply with new procurement rules which came into effect this month.

EDI is the electronic interchange of business information using a standardized format; a process which allows one company to send information to another company electronically rather than with paper.

OpenECX published a whitepaper, which can be downloaded here, explaining the difference between the different electronic invoicing options available to construction businesses. 

As of 1st April 2022, firms bidding for public sector contracts worth over £5 million per year must prove they pay 90% of their invoices within 60 days or else risk exclusion from the tendering process. An update to the 'leeway' may be granted giving a pass to firms who can evidence they fall short of the threshold on the requirement they provide a plan for improvement.

Click here to learn more about the procurement process and prompt payment in an interview with ECA's Director of Legal and Business, Rob Driscoll.

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