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Industry roundup: 25 August 2020

Swedbank economic outlook sees fragile economic recovery

Sweden's economic outlook has improved over the summer, according to the Swedbank Economic Outlook report. Economic recovery is on firmer ground, but still needs support from fiscal policy. Sweden has increased its public debt during the COVID-19 pandemic, but the costs for crisis support will be lower than earlier expected and there is still fiscal space. The COVID-19 pandemic continues to affect everyday lives and the economy. The dramatic downturn in the world economy during the second quarter led global GDP to shrink by three percent this year. However, now there are some signs of recovery in several countries.

’’Our forecast is that the economic recovery around Europe will continue during the autumn, but there’s considerable uncertainty in the forecasts," said Andreas Wallström, acting chief economist at Swedbank. "This is based on the presumption that the increased spread of COVID-19 in several countries can be kept in check and doesn’t escalate.’’

The general economic outlook is somewhat brighter today than it was before the summer.

‘’Economic statistics have in many ways turned out stronger than expected lately,’’ Wallström added.

Following a historical decline in GDP during the second quarter, the Swedish economy is recovering. But while the recovery is gradually broadening, this varies greatly depending on the sector, and some businesses are expected to continue their struggle also during the autumn. GDP is expected to fall by 5% this year, followed by a rise of about 3% in 2021 and 2022. 

The Swedish government is expected to implement crisis measures amounting to 200 billion kronor during 2020. This is a downward revision by 100 billion or 2% of GDP compared to the latest Swedbank Economic Outlook in May. Crisis measures are expected to amount to 100 billion kronor in 2021 and 50 billion kronor in 2022. Public debt is expected to increase from 35% of GDP 2019 to as high as 44% in 2021. This is still a relatively low level of debt, not least in an international context.


All for One Steeb eInvoice Integration application available on SAP App Center

All for One Steeb, a major SAP partner in the German-speaking midmarket, has announced that its eInvoice Integration application is now available for purchase on SAP App Center, the digital marketplace for SAP partner offerings. The application integrates with the SAP Business ByDesign and delivers xInvoices (XRechnungen) to customers.

Though the classic PDF format has become the standard for electronic invoices, according to German and European authorities, this format will no longer be an accepted electronic invoice because the document cannot be automatically processed in electronic form. Since 11 July, there has been an obligation in Germany for businesses to instead send electronic invoices to public authorities. Paper or pure PDF invoices will no longer be accepted. The All for One Steeb eInvoice Integration app for SAP Business ByDesign lets businesses create and send xInvoices from their usual process without any additional effort.

The All for One Steeb eInvoice Integration allows users to do the following:

  • Automatic creation of xInvoices.
  • Validation step checks that all mandatory data are available to generate xInvoices.
  • Translation of the XML structure into xInvoices.
  • Conversion and dispatch of xInvoice format is carried out without additional effort.
  • Time saving through automated data transfer.


ReceiptHero joins Mastercard’s Lighthouse development programme

Digital receipts platform ReceiptHero has been picked to join Mastercard and NFT Ventures' upcoming Lighthouse development programme. The Lighthouse programme is one of the ways that Mastercard scouts new technology for itself and its partners. Mastercard says that if it can help its bank partners adopt new technology and stay relevant, then all parties win. Similarly, NFT is looking to strengthen the northern European fintech ecosystem while scouting companies for potential investments.

"By joining the latest Lighthouse batch, we hope to work closely with MasterCard and it’s partnering banks on making digital receipts the new normal," said Joel Ojala, CEO of ReceiptHero.

Mastercard Lighthouse is an open innovation platform designed to strengthen the entire financial services ecosystem. Past winners have typically signed commercial agreements with multiple Lighthouse programme members: Mastercard, Tier 1 banks and other fintechs.

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