Onyx CenterSource, a global provider of B2B payments and business intelligence solutions to the hospitality industry, announced that it has partnered with Sovos, a leading global provider of tax software, to provide electronic signing, validation and connection to tax authorities for the expansion of Onyx’s InvoicePro e-invoicing capabilities.
Legal requirements for trust and compliance evolve rapidly and demand immediate attention. Governments in all parts of the world have mandated rules around technology-enabled electronic signatures, proofs of authenticity and e-invoicing. Recently, the European Commission granted Italy permission to mandate domestic e-invoicing to validate payments and decrease risks associated with tax noncompliance. Similar mandates are on the horizon for Greece, Portugal, and Norway, among others.
Onyx’s InvoicePro is the only commission payment system on the market that helps hoteliers and travel agencies maintain compliance with indirect tax legislation for their commission supplies. Onyx has enabled e-invoicing since 2015 and selected Sovos to help expand its InvoicePro capabilities to meet the forthcoming changes in the compliance sector.
“Sovos’ unique global solution for e-invoicing compliance and its blend of deep legal and technical expertise made it the best-fit partner for Onyx,” said Mark Dubrow, Onyx chief executive officer. “Onyx and Sovos will look toward continued expansion of the partnership over time.”
With the partnership, Onyx gains higher levels of security, compliance, automation, and support for post-audit compliance, including e-signatures in compliance with the meticulous EU regulatory framework known as eIDAS (electronic identification, authentication and trust services).
“Regulatory and compliance are at the top of mind for our clients across the industry, and we have continuously evolved our services over our 25-year history to ensure we provide the highest level of trust,” Dubrow said. “Sovos has proven its ability to analyze regulatory changes and respond quickly while eliminating regulatory risk and uncertainty for our clients around the world.”
Andrew Chi, vice president of global alliances at Sovos, said, “We have seen how companies struggle to keep up with laws around digital signatures, time stamps, secure archiving and similar trust services, and this is a high priority in hospitality as an increasing number of governments in the EU and around the world target VAT fraud.
“As the trends in e-invoicing across Europe show, businesses must acknowledge that legal requirements for trust and compliance will continue to evolve and increase. We are the premier partner for compliance as a service, and Onyx’s position at the center of the hospitality market enables us to serve this industry.”