The Evolution of the Invoice: from Antiquity to the Digital Age

Long before the existence of formalized currencies or bookkeeping software, people were exchanging value, settling debts, and making promissory agreements. And so begins the history of the invoice –among many other things – in ancient times.

Homer’s Iliad includes a scene where the two warriors Glaucus and Diomedes meet on the battlefield. Instead of engaging in battle, they exchange equipment. Glaucus handed over golden armor worth roughly a hundred cattle, while Diomedes traded his bronze armor worth nine. Experts in ancient history are divided:  Was it a sign of an old friendship, or an early fraud attempt? One thing is certain: Such trade activities suffered from one basic problem – they were subjective. People found it difficult to provide a definitive answer to the question of what something was worth. Only once standardized means of payment were introduced was a reliable comparison and thus a fair exchange possible.

Over the course of history, means of payment have changed multiple times – depending on time, place, and necessity. For example, seashells, grain, salt, and oil, as well as tea, peas, and also coffee served as barter goods. The choice always depended on the local circumstances, including availability, shelf life, or transportability. Yet all these means had their limitations, particularly when longer distances were involved.

From the 17^th century onward, a new means of payment was increasingly taking hold: paper. The first receipts and borrower’s notes appeared. Their advantage: They were set in writing and portable. This development resulted not only in the establishment of financial systems, but also introduced the notion that debts could be recorded in writing and settled independently of physical goods.

In 1997 the then Credit Suisse significantly streamlined payments transactions in Switzerland when it introduced the country’s first online banking solution. The payment slip remained in existence, but bank customers could now make convenient use of the appropriate hardware at home to enter in their payment details electronically. Thus began the digital era of payments transactions.

With the advent of electronic invoices in XML format, companies supplemented the paper-based process for the first time with purely digital workflows. But here, too, customers often found the process too onerous. They had to open their invoices manually and then transfer the details into their online banking application. As a result, transposed digits, erroneous entries, and inconvenience persisted.

During this phase, it became clear: Digital formats alone weren't enough. Only integrated systems would bring real progress.

On June 30, 2020 the QR-Bill was introduced in Switzerland, replacing the previous payment slip. The QR-Bill thus provided a bridge for all those who still wished to pay in paper form.

Since April 2018, eBill has made it possible to receive, review, and pay invoices directly in the secure online banking environment with just a few clicks. With this, the manual typing of payment information was no longer required, which reduced errors and simplified payment. eBill offers full control and overview through automatic archiving, paperless environmentally-friendly processing, and a reduction in the number of payment reminders. Only verified billers are permitted. The number of registered users is growing quickly. At the start of 2024, there were already three million Swiss households using eBill.

eBill provides companies with improved efficiency since mailing costs are dispensed with, payments are made more quickly, and administrative outlay is reduced. eBill provides households with overview and control.

Using eBill Donations, non-profit organizations can send donation requests directly via eBill. Donors can respond quickly and with clarity in just a few clicks. This extension not only makes it easier for non-profit organizations to send donation requests digitally, but also enables a cost-effective and seamless process directly within the donors’ familiar online banking environment.

Using eBill E-Commerce, online shops can send invoices to their customers directly via their online banking application. That means less administrative hassle for merchants, and a lower chance of non-payment. Consumers benefit too: They can keep track of their invoices and pay them with just a couple clicks within the online banking environment they’re familiar with.