SunTec Business Solutions, the world’s #1 relationship-based pricing and billing software company, today announced that Riyad Bank, one of the largest financial institutions in the Kingdom of Saudi Arabia (KSA), has gone live with the Zakat, Tax and Customs Authority (ZATCA) integration for e-invoicing, deploying its SunTec Xelerate platform.

Along with Riyad Bank, SunTec is also working closely with the top five banks in the region to seamlessly integrate the e-invoicing solution with ZATCA's platform (FATOORA) under Wave 2 E-invoicing. With this integration, banks will be able to generate simplified and standard e-invoices and share the digital invoices with the FATOORA portal for reporting, which in turn will be validated by the portal and returned with an acknowledgement status, thus, ensuring a compliant, tamper-proof and a seamless invoicing process.

Amit Dua, President at SunTec said, “We are truly delighted to have implemented the e-invoicing regime and ZATCA integration at Riyad Bank. The SunTec e-invoicing solution seamlessly integrates with the bank’s existing IT systems and enables complete digital invoice management, while ensuring security, accuracy, and regulatory compliance. Our solution automates the entire invoicing process (and amendments), thereby reducing time and cost overheads. Our solution will further ensure that invoices are seamlessly reported to ZATCA.”

SunTec has a strong global experience in indirect taxation and digital transformation in the banking landscape.  SunTec has implemented its indirect taxation product in more than 55 banks across the Gulf Cooperation Council (GCC) countries and India.

Zakat, Tax, and Customs Authority of the Kingdom of Saudi Arabia

The Zakat, Tax and Customs Authority undertakes to collect Zakat, taxes, and customs duties while achieving the highest level of taxpayer compliance possible in accordance with best practices.

The Authority is also responsible for organizing and managing all activities connected to ports and customs operations to achieve the highest level of compliance, productivity, and competitiveness. This aims to assist the Kingdom in developing into a significant global logistics hub by promoting trade and maintaining national security.