Application

Application

The current VAT reporting infrastructure is outdated and prone to fraud. Together, we can modernize the VAT system.


TX++: triple entry accounting system

All registered businesses in a participating jurisdiction will use the TX++ network to register their VAT. When a company sends an invoice, a confidential fingerprint of this transaction will be registered on a permissioned blockchain. Only if a business gives permission, a third party can take a look into their transactions. Businesses stay in control of their data at all times.

What can triple entry accounting do for you?

Now everyone can validate the integrity and authenticity of an invoice.

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TAX Administration

TAX Administration

Automate VAT reporting. Detect fraud.

There is now a way for tax administrations to improve accountability and at the same time prevent fraud without risking confidentiality. Compared to existing methods to collect VAT, our technology offers significant improvements.  By using the TX++ network, companies can register their transactions in a national register in a confidential manner. This allows businesses to prove the authenticity and integrity of their invoices. However, companies cannot change the content of an invoice in hindsight.


A uniform digital registration of invoices has consequences which go far beyond fraud prevention. TX++ allows for tax authorities to automate risk management, and makes it easy to set specific VAT rules and reporting requirements for certain industries. More importantly, businesses will benefit from those changes too.


Although Missing Trader Intra Community fraud is exacerbated due to intra-community specifics, each EU member state can tackle the problem on a local level. TX++ can be implemented in a single country, and will still reduce fraud. Where interaction with other states is deemed appropriate, confidential information exchange can be facilitated with ease.


A simpler and less fraud-prone registration of VAT has often been heralded as a driving factor for the further development of the European Single Market. Our system can help institutions and businesses to remain compliant with current and future EU VAT laws.

Tell us how we can help to solve VAT

fraud for your administration

 

Factoring agencies

Lower the cost of risk assessments

Invoice financing occurs in a wide array of industries. Each industry brings along new challenges to verify the authenticity of invoices. Expensive risk assessments cause barriers to entry for smaller liquidity providers.


By integrating with our system, factoring agencies can get automated access to valuable data on invoices and VAT returns of companies which want to make use of invoice financing. This new information makes risk assessments easier and more efficient, and may result in lower factoring fees.


We will create an infrastructure that allows especially small companies to factor their invoices for lower fees than before. We aim to facilitate the creation of a factoring marketplace, where buyers and sellers of invoices can come together. This will open up new markets for innovative factoring agencies.

Tell us how we can help to improve your factoring infrastructure

Tell us how we can help to improve your factoring infrastructure

Tell us how we can help to improve your factoring infrastructure

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Accountancy software providers

Provide access to new services

In the future, companies will increasingly use confidential registrations of their invoices in a variety of services. An immutable registry of invoices can help your customers to be compliant, to factor their invoices and to more easily report VAT. Some may even want personalized interfaces in order to use the TX++ network according to their needs.


This is your chance to stand out and offer an innovative and user-friendly experience to these new types of services. Companies which are currently not using any accounting package may consider it attractive in the future, if it helps them to register invoices correctly.

Tell us how we can help your customers be compliant 

 

Tell us how we can help your customers be compliant 

 

Tell us how we can help your customers be compliant 

 

Developers

Work on programmable VAT

Smart financial contracts show enormous potential to improve society. If you build something on top of TX++, you can offer your service to every company in your country. From payment channels, to voting, or even insurance. Or maybe you have a specific industry in which you experience fraud. Any party which derives a benefit from knowing the authenticity of an invoice can benefit from integrating with the TX++ system. Imagine the possibilities.

Tell us how you want to make use of an immutable registry of invoices

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This project has received funding from the European Union’s Horizon 2020 research and innovation programme. (link)