Payments Efficiency

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 (PDF) 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 (PDF) paper, the main goal of  U.S. Adoption of Electronic Invoicing: Challenges and Opportunities (PDF)  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 (PDF) paper today!