New on FedPayments Improvement

Can the United States Develop a Standard, Ubiquitous Business to Business (B2B) Electronic Invoice & Processing Platform?

Explore the possibility by reading the U.S. Adoption of Electronic Invoicing: Challenges and Opportunities paper release by the Payment, Standards and Outreach Group of the Federal Reserve Bank of Minneapolis.

In keeping with the desired outcome of end-to-end efficiency detailed in the Strategies for Improving the U.S. Payment System paper, the main goal of  U.S. Adoption of Electronic Invoicing: Challenges and Opportunities  is to consider the development and implementation of a standard, ubiquitous B2B electronic invoice and processing platform in the U.S. similar to those that have been developed in other countries. The paper also highlights:

  • Opportunities for businesses to:
    • Gain efficiencies and reduce costs by more broadly adopting e-invoicing
    • Expand into other areas of the financial supply chain
    • Reduce payment risk and late fees
  • Societal benefits from a reduction in paper invoices
  • Challenges stemming from a lack of:
    • Information technology resources to implement change
    • A compelling individual business case among smaller businesses
    • Common, unified standards or translation software to facilitate change
    • Industry-led coordination, collaboration and leadership to develop a strategy for change

Download the full version of U.S. Adoption of Electronic Invoicing: Challenges and Opportunities paper today!

A Great Resource Just got Even Better: Check out the Newly Updated Small Business Payments Toolkit

In April 2015, the Remittance Coalition released the Small Business Payments Toolkit and now, we are pleased to announce the release of the second volume. Volume 2 is chock-full of new information to further encourage the adoption of electronic business-to-business payments and … Continue reading

Engage for Change! Join the Remittance Coalition

Would you like to see more efficient business-to-business (B2B) payments in the U.S.? Widespread use of electronic remittance data exchanges? Reduced barriers to electronic payments? If you answered yes to any of these questions, then you might be interested in … Continue reading

Register for a Webinar to Learn About the Benefits of ISO® 20022 Adoption for the Major U.S. Wire Transfer Systems

The Federal Reserve Banks have been collaborating with several other organizations known as the Stakeholder Group to prepare for the adoption of the ISO® 20022 standard for domestic and international wire payments. ISO 20022 is a robust financial messaging standard … Continue reading

Federal Reserve Selects Firm to Assess Faster Payments Solutions

We are pleased to announce the selection of McKinsey & Company to support Faster Payments Task Force efforts this year to assess faster payments solution proposals from various providers across the U.S. payments industry. The Federal Reserve established the 331-member … Continue reading