A new report has found that only 5% of businesses are using a Government run digital network, which increases cyber security, while also improving cashflow and business operations.
The ‘Business to Business Barometer’ report by Behaviours & Attitudes and commissioned by technology company Celtrino, also found that only 1 in 4 businesses are aware of this network.
PEPPOL (Pan-European Public Procurement On-Line) is an eInvoicing system that runs secure transactions between Government bodies and their suppliers. This allows businesses that use this technology to ensure payments go through on time and the risk of cyber fraud is reduced.
The PEPPOL network was introduced by the Irish government in 2019 as part of a European economic strategy, requesting all government departments and public service bodies become eInvoice compliant.
This digital network reduces the risk of email based cyber attacks, similar to the €51 million HSE cyber attack last year. Following this, Gardaí issued a warning to business owners about fraudulent email payment requests after almost €6 million was stolen from companies in 2021.
88% of survey respondents expressed interest in getting paid quicker, while 85% were concerned about reducing the risk of fraud as all users are on a secure network, and 81% were interested in
efficiency as they would spend less time following up on payments under the new system.
PEPPOL eInvoicing is now being used by an increasing number of countries in Europe, meaning Irish businesses looking to export must be PEPPOL compliant.
Ken Halpin, CEO of Celtrino, says businesses are losing out by not using the PEPPOL eInvoicing network:
“Digital business practices such as PEPPOL eInvoicing are used widely in other countries to help businesses to improve cash flow and reduce cyber attacks. PEPPOL is becoming a mandatory
requirement for Irish companies tendering for export contracts overseas while e-tendering contracts in Ireland have started seeking suppliers to be PEPPOL compliant. Secure eInvoicing is not a PDF file. The PEPPOL eInvoicing network ensures the use of a trusted digital network for the exchange of confidential information. With the findings from B&A Report indicating that 25% were unaware of eInvoicing, businesses are losing out on significant cost savings and the exchequer may be losing out on hundreds of millions annually .”
