About Know your customer (KYC)

Know your customer, KYC, is a process for financial institutes to know their customers' identity, financial operations and risk profile. The KYC process is one of the measures to comply with European Union legislation on anti-money laundering. As of 1 July 2022, PEPPOL introduced new KYC requirements, which affects the activation of AutoInvoice in Visma.net ERP.

What is PEPPOL?

PEPPOL refers to the Pan-European Public Procurement On-Line project. PEPPOL facilitates standards for the development of electronic documents, and provides the network and infrastructure allowing for documents such as e-invoices, to be sent and received in a standardised way, regardless of the financial systems used by the senders and receivers. PEPPOL enables access to its infrastructure through access points, one of them being AutoInvoice.

As an access point, AutoInvoice uses the PEPPOL eDelivery Network to send and receive invoices. OpenPEPPOL AISBL, the PEPPOL coordinating authority, requires that each access point service provider must have a written service contract with its customers carrying forward the minimum requirements defined by OpenPEPPOL. Furthermore, the ownership of PEPPOL participants acting in the role as sender or receiver of documents exchanged over the PEPPOL eDelivery Network, shall be identified and verified in the message exchange between access points (see PEPPOL compliance policy, version 1.0). This new KYC requirement takes effect from 1 July 2022.

How Visma.net ERP complies to KYC requirements

As of 1 July 2022, all new companies and branches wanting to use AutoInvoice for sending and receiving invoices, will need to sign the KYC verification agreement from AutoInvoice. This is done in Visma Sign, where a company signatory can view and sign the KYC verification agreement. Access to Visma Sign is granted via a KYC verification email containing a link and password. After completing the KYC process, the new company or branch will be able to use AutoInvoice.

To receive the KYC verification email when activating AutoInvoice, click the Activate AutoInvoice button in the AutoInvoice settings (CS10250S) window, the The AutoInvoice setting section. The KYC verification email will be sent to the customer administrator's email address, and can then be forwarded to a company signatory. In case AutoInvoice is already activated but your company or branch is not yet verified, click the Verify KYC button in the same section and fill in the company signatory's email address you want the email to be sent to.

New companies will receive the KYC verification email to the customer administrator's email address automatically, provided that AutoInvoice is activated when the company is created. This email can then be forwarded to a company signatory.