Past Projects


The RTE Program is derived from the development of the Single Euro Payment Area (SEPA) in implementation of which Finland has been a pioneer. The first phase of the RTE program was named Full SEPA (20.6.2006-31.3.2008), which looked into the possibilities of how to use the Pan-EU mindset in the field of SEPA payments to integrate electronic invoicing as part of the value chain automation and standardization in the area of the European Union. The Full SEPA project also aimed at creating better understanding of the markets based on value chain automation and electronic invoicing.

The following project, Full Value Chain (FVC), (1.1.2008-31.12.2008) aimed at developing value chain messaging and standards further from electronic invoicing and payment transactions. One major result in the FVC-phase was participation in the development work in the EU level.

FVC created the foundation for the new solutions to automate accounting processes. Fully Integrated Accounting (FIA) (1.1.2009-30.6.2010) was studying the requirements to integrate the whole value chain: order-invoicing-payment-accounting-reporting. Important development work was done in the fields of reporting standards, e-accounting reference and leading the creation of the global electronic invoicing standard (ISO20022).

FIA was followed by Fully Integrated Accounting 2 (FIA2) (1.8.2010-31.12.2011). FIA2 successfully continued the work done in prior RTE projects and this underlines the impressive track record of the RTE program as a whole. Examples of FIA2 achievements:

  • Testing the Standard for Electronic Financial Reporting (in Finnish: Raportointikoodisto) in co-operation with the Finnish Tax Administration, Aditro, Procountor, Itella, the Association of Finnish Accounting Firms and Aalto University School of Business.
  • Developing payroll reporting codes (Fully Integrated Payroll, FIP)
  • Developing a model for the real-time VAT reporting and collection in co-operation with the European Commission, the Finnish Tax Administration, SEB, Nordea Bank and accounting firms.
  • Developing model to enable automated accounting (utilizing information on the e-invoice)
  • Research and development of the electronic financial statement (including research on the global XBRL-reporting language)
  • Research on order and delivery messaging.
  • Supporting the implementation of the e-accounting reference model  in co-operation with the wide network of service providers and nonprofit organization
  • Extensive support for e-invoicing as the platform – larger use and improvement of e-invoicing services
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