KPMG said offering the firm's clients access to the OBE network will allow FTSE500 companies to significantly reduce transaction costs by cutting down on the costs of paper invoicing. 'Making use of the OB10 network will help our clients become more productive,' said Graeme Ross, head of indirect tax at KPMG.

The network works as a 'hub' that allows electronic invoices to pass from customer to client, regardless of the standards they are based on.

Alain Falys, chief executive of OBE, said that clients of KPMG would be able to get payback on their investment within nine months.

'We earn our money by charging KPMG's clients through eliminating their paper invoicing,' said Falys, explaining that KPMG clients are charged on a transaction basis.

The EU VAT directive allows the use of electronic invoicing.