Securing the Electronic Invoicing Process
Electronic invoicing is a digitized format that has become the most used and practical method of delivering a summary of goods or services issued to a customer. This electronic document is the direct replacement of a hand written or printed invoice.
There are many advantages to a digital invoice over a paper copy. Some of these benefits include improved data tracking, better client accountability, prompt delivery, and overall cost reduction. Electronic invoices are utilized all over the world by various types of business markets ranging from freelancers, various private sector businesses, and government offices.
Electronic invoices, while faster and inherently more secure than a piece of paper, still need to be processed securely to ensure fraud protection, particularly in the case of sensitive and personal information that will travel through government channels. Some countries have begun using invoices to track tax information and process transactions between businesses and government.
The content in these digital documents is confidential and should only be known to the recipient and issuer. It is important to assure safe delivery and integrity of these files. So how do you keep your electronic invoices safe? A simple and most secure solution is to employ the use of hardware security modules, otherwise known as HSMs. Futurex HSMs are capable of transmitting data securely over networks and digitally signing these invoices. This digital signature is a form of encryption that is applied real-time and on the fly to each invoice, giving it a unique ID that can be validated at any time, this way we can be sure it was produced by the issuer and the content is authentic.
Here is an example: In some countries, governments use a certified third-party business to receive records, digitally certify and sign these records, and then send them to the government.
Futurex’s Excrypt SSP9000 is an HSM that is capable of performing this kind of encryption, adding an important layer of security to your digital invoices. It is also important to mention that security standards require the use of compliant processes and equipment. The Excrypt SSP9000 is fully compliant with today’s security standards and equipped to adapt to any emerging standards.
For more information on an applied solution, download our case study illustrating how the Excrypt SSP9000 helps Mis e-Folios, a third-party organization that processes electronic invoicing for Servicio de Administración Tributaria in Mexico.