LONDON, April 24, 2024 – Sovos, the always-on compliance company, announced that it has aligned with the Digital Business Networks Alliance (DBNAlliance) as an early member, marking a significant milestone in the initiative’s development. As major player in the industry processing more than 11 billion transactions each year, Sovos’ membership is a substantial show of support for the DBNAlliance’s mission to rapidly deploy a framework of standards and supporting services for seamless electronic data exchange in the U.S., across the Atlantic and globally.
The DBNAlliance Exchange Framework, rooted in the open standards first launched in Europe and now embraced by governments and industries worldwide, paves the way for a network-of-networks that will simplify the exchange of intricate business and administrative data.
Employing a four-corner model where e-documents are sent and received through service providers – or access points – that connect companies to the network, the DBNAlliance assists access points in connecting to the Exchange Framework. As a nonprofit governing body, it has responsibility for the definition of electronic delivery standards, policies, rules, and guidelines. The Exchange Framework contains four types of participants: the supplier, two access points (service providers), and the buyer.
“Invoices may seem mundane at first glance, but they are conduits for crucial economic information. A transformative global movement is underway that recognizes that when high levels of automation can be achieved among businesses, these supply chain messages become invaluable assets for governments and industries alike,” said Christiaan Van Der Valk, vice president, strategy and regulatory, Sovos. “While the U.S. aims to use e-invoicing mainly to advance digital payments, many nations are leveraging real-time, standardized transactions to fuel a data revolution with far-reaching societal advantages.”
As a leader in e-invoicing, Sovos champions the establishment of a global network interoperability infrastructure that benefits businesses of all sizes, everywhere,” continued Van Der Valk.
The DBNAlliance focuses on fusing global expertise for domestic impact by operating an electronic delivery exchange network available for use by all businesses in the U.S. that allows customers of service providers to communicate seamlessly with customers of all other service providers. The DBNAlliance is bringing together experts from all over the world to create a robust open Exchange Framework and accelerate U.S. e-invoicing adoption.
“We are extremely excited to welcome Sovos as an early member of the Digital Business Networks Alliance,” said Chris Welsh, chair of the DBNAlliance Board. “As a market leader in the e-invoicing space, its presence further demonstrates the industry’s commitment to advancing the cause of seamlessly linking digital sales and purchasing transactions within both the US and international business communities.”
About Sovos
Sovos is a global provider of tax, compliance and trust solutions and services that enable businesses to navigate an increasingly regulated world with true confidence. Purpose-built for always-on compliance capabilities, our scalable IT-driven solutions meet the demands of an evolving and complex global regulatory landscape. Sovos’ cloud-based software platform provides an unparalleled level of integration with business applications and government compliance processes.
More than 100,000 customers in 100+ countries – including half the Fortune 500 – trust Sovos for their compliance needs. Sovos annually processes more than 11 billion transactions across 19,000 global tax jurisdictions. Bolstered by a robust partner program more than 400 strong, Sovos brings to bear an unrivaled global network for companies across industries and geographies. Founded in 1979, Sovos has operations across the Americas and Europe, and is owned by Hg and TA Associates. For more information, visit Sovos.com and follow us on LinkedIn and Twitter.
About the Digital Business Networks Alliance
The Digital Business Networks Alliance is an independent, tax-exempt company (501(c)6) that oversees the e-invoicing exchange network in North America. The Digital Business Networks Alliance’s goal is to support the delivery of electronic business documents between service providers and businesses. The Digital Business Networks Alliance accomplishes this by leveraging a highly secure exchange network based on a set of open, non-proprietary technical standards and policies that allow businesses to discover and deliver data virtually to one another. For more information, visit https://www.dbn-alliance.org.
Media contact:
Zeno Group for Sovos
Sovos@Zenogroup.com
