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Central Invoice Verification

Prompt and reliable

The staff of Central Invoice Verification, which is also part of the Strategic Procurement, process all invoices received by KfW for the purchase of external services. We pay particular attention to ensuring that invoices are settled as quickly as possible and in accordance with the agreed terms and conditions. To ensure this, we have divided ourselves into purchasing groups so that each all our in-house clients and each business partner knows who their particular contact person are and can raise queries at any time.

Automated process

Some 30,000 invoices come in each year, and we need on average less than five days to process them. We use an automated process: all incoming invoices are scanned, read with an electronic text recognition program and logged in SAP for further processing. We use the latest technology; for instance, we sign invoices off as correct by mail. We also use paperless means of payment, such as credit memo procedures and invoicing plans. To speed things up even further, we are currently investigating the possibility of electronic data exchange for invoice comparison.

Improving and perfecting

All payments within SEPA - the Single Euro Payment Area - will shortly be standardised. This requires that all national bank account details are brought up to European standard. It means for Central Invoice Verification all invoices must be examined to verify that the bank account details are correct, the supplier framework data must be updated and the invoicing party must be contacted in the event of inconsistent data.

The auditors are thus constantly faced with new challenges. These they seek to overcome with one aim: to improve procedures and perfect processes. To that end they maintain regular contact both with their other colleagues in the procurement department as well as with their customers in-house and suppliers outside KfW.

Last updated: January 2012

Contact

Mrs.

Renata Lenarz

Central Procurement, Invoice Verification

Phone

+49 69 74 31-99 11

eMail

Renata.Lenarz@kfw.de