Only one-in-20 Irish businesses know about an EU-wide system that reduces the risk of cyberattack when managing digital payments.
The PEPPOL (Pan-European Public Procurement On-Line) eInvoicing system was rolled out by the Government in 2019/2020.
The rollout was part of a European-wide strategy aimed at making all Government departments and public service bodies eInvoice compliant.
The system automates and secures transactions between Government bodies and their suppliers, while also allowing businesses to improve cash flow, get paid on time and reduce the risk of cyber fraud.
Despite the rollout, a new survey has found that just 5% of Irish businesses are aware the system exists.
Meanwhile, just one-quarter of Irish businesses are even aware of eInvoicing as a means of improving cash flow, increasing cybersecurity and simplifying business operations.
In response, Celtrino, Ireland’s leading provider of digital eInvoicing, is offering all Irish suppliers free use of its PEPPOL Connect Application to send eInvoices to any government or public sector body.
Celtrino CEO Ken Halpin said businesses that are not using the network are losing out.
“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,” he said.
“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."
He said businesses not using the technology are “losing out on significant cost savings and the Exchequer may be losing out on hundreds of millions annually.”
The PEPPOL system is now mandated by an increasing number of governments across the world, making it even more important for Irish businesses that export and trade cross-border to ensure they are PEPPOL compliant.
The network allows for the exchange of confidential information and greatly reduces the risks of email based cyber-attacks like the HSE cyberattack of last year.
In May of this year, Gardaí issued a warning to business owners about fraudulent email payment requests as almost €6 million was stolen from companies in Ireland in 2021.
Earlier this year, the European Parliament proposed a directive calling for PEPPOL eInvoicing to be mandated on all suppliers in member states by the end of 2023.