TIE Kinetix N: Volkswagen Financial Services signs contract with TIE Kinetix for 100% digitization of incoming invoices

Breukelen, Netherlands – October 28, 2022 at 8:00 a.m. CEST – TIE Kinetix, a leader in 100% supply chain digitization, today announced a new 5-year contract with Volkswagen Financial Service AG worth approximately €433,000 for the DACH region. Volkswagen Financial Services AG is a wholly owned subsidiary of Volkswagen AG which operates and coordinates the financial services activities of the Volkswagen Group worldwide. In addition to vehicle financing, leasing and insurance, Volkswagen Financial Services offers various mobility services such as fleet management or vehicle rental solutions ranging from passenger cars to trucks.

By choosing TIE Kinetix’s FLOW Partner Automation platform, Volkswagen Financial Services AG will be able to automatically receive and process electronic invoices securely and efficiently. This contract allows the company to exchange up to 1,000,000 documents per year. The company will be able to receive e-invoices in accordance with a variety of e-invoicing standards, including Peppol and X-Rechnung standards, to validate invoices and enable exchange through the Peppol network.

The e-invoicing process will be 100% digitized and compliant with applicable regulations and e-invoicing standards available in Germany. The need to support the digitization of the supply chain and the electronic invoice exchange process is growing rapidly in the DACH region and in the automotive industry.

Volkswagen Financial Services AG chose TIE Kinetix because of the company’s long history and expertise in automating document flows in the supply chain, and the collaboration highlights the growing demand for automation electronic invoices in the DACH region in general. For a company to be successful in digitizing its trading processes, it is essential that all suppliers are able to exchange their documents electronically, not just a few large trading partners. TIE Kinetix’s FLOW platform was developed to support exactly that and offers all suppliers (large, medium and small businesses) the ability to exchange documents electronically.

This document may contain expectations regarding the financial condition and results of operations of TIE Kinetix and certain related plans and objectives, and may be expressed in various ways, such as “expects”, “projects”, “plans”. , ‘intends’ or similar words. TIE Kinetix has based these forward-looking statements on its current expectations and projections regarding future events. Such expectations for the future are naturally associated with risks and uncertainties as they relate to future events and therefore depend on certain circumstances which may not occur in the future. A variety of factors could cause actual results and developments to differ materially from any expressed or implied statements of future expectations. These factors may be, for example, changes in business spending in major markets, statutory changes and changes in financial markets, employee salary levels, future borrowing costs, future takeovers or divestments and the pace of technological development. TIE Kinetix therefore cannot guarantee that expectations will be realized. TIE Kinetix also disclaims any obligation to update the statements made herein.

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