Lexicon - What do these words mean? – Banqup - Latvia

Accounts payable: inbound invoices that you receive from your suppliers.
Accounts receivable: outbound invoices that you send to your customers.
Banqup Business Wallet: this is the bank account provided with your Banqup account. You use it to pay your suppliers and collect money from your customers. You can add and withdraw money from it.
OCR: Optical Character Recognition is a technology that extracts the text from an image and turns it into data (company information, amounts, bank account, etc.) that can be used in your invoices. That data is used to create e-invoices and to enable multiple possibilities of the services offered (e.g. payments, accounting, financing).
XML: file extension in which information is classified in tags according to their nature.
These files allow different systems to share files capable of being read and understood by each other thanks to a structure that indicates what the information is.
UBL: is the XML file exchange standard for business documents (such as invoices). This standard allows different companies to exchange documents that will be compatible with their respective systems because they contain the information required by this format (for example name, address, company number, bank account, invoice information, ...).
An invoice in UBL format can therefore be read and interpreted by accounting packages.
Apps: they offer complementary services to Banqup. Once activated, you'll be able to use the extra features offered by apps.
Currently, the available apps are the following:
- Accounting app: allows the entrepreneur to connect and exchange documents with their accountant.
- Payment services: they allow you to pay your invoices faster and more easily, and to collect payments from your customers.
Banqup One: service to identify individuals online in a secure and trustworthy way. You can use it to log in to Unifiedpost applications as well as to approve payments.
Peppol: an international network that enables businesses to communicate electronically with any European government institution in the procurement process, increasing efficiencies and reducing costs.

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