Itella's subsidiary applies for payments traffic corporation licence

Itella has established a subsidiary called Itella IPS Oy (Itella Payment Services), which shall apply for a payments traffic corporation licence in line with the Credit Institutions Act.
The aim is to become part of the Finvoice electronic invoice system developed by the Finnish banking sector.

Participation in the system will allow Itella to offer, more efficiently than before, an electronic service which comprehensively covers all invoicing forms to companies acting as senders and receivers of invoices. It will also enable Itella to transmit invoice data on an equal basis to consumer customers through electronic channels.
For several years, Itella has participated in the transmission of electronic invoice data and eInvoices. The Finvoice system developed by the banking sector is a major channel for the transmission of consumer eInvoices. The Finvoice system is available only to companies holding a licence under the Credit Institutions Act. This is one reason why Itella has now decided to apply for a payment traffic corporation licence. We are not about to launch banking operations, nor are we establishing a savings bank or a credit card service, explains Jukka Alho, Itella’s President & CEO.
Hannu Lanteri has been appointed CEO of Itella IPS as of 1 February 2009. Lanteri is currently the Development Director of the Finnish Savings Banks Association.
At the moment, Itella transmits electronic invoicing data to consumers through two channels: to the Finvoice eInvoice system via online banks and directly to the NetPosti online services. For companies, Itella offers various electronic invoicing solutions.
In the future, the licence will provide Itella with the opportunity to make wider use of all electronic distribution channels and to integrate increasingly comprehensively electronic invoices with a company’s financial management systems.