Announcements, Payments Efficiency

e-Invoicing is a necessary first step to achieving straight-through processing for B2B payment transactions

On November 1, the Business Payments Coalition (Off-site) (BPC) published two of three new electronic invoicing (e-Invoicing) reports as part of their initiative to continue dialogue with the industry to address barriers that lead to corporate business-to-business (B2B) payments efficiency. These reports will provide you with the background and methodology on why e-Invoicing is a necessary first step to achieving straight-through processing for B2B payment transactions.

Overview of an e-Invoice Interoperability Framework (Off-site, PDF)Introduces the concept of an e-Invoice interoperability framework as well as market challenges and benefits of addressing them and a path forward for the BPC work assessing U.S. market needs.

e-Invoice Interoperability Framework: e-Delivery Network Feasibility Assessment Report (Off-site, PDF)Provides business and technology stakeholders with an understanding of the high-level requirements and standards required to establish an open, federated network of access points  for the U.S. market.

Learn how the BPC’s e-Invoice interoperability framework paves the way for digital transformation in B2B transaction efficiency by addressing the barriers to widespread adoption of e-Invoicing in the U.S.

Five opportunities supporting B2B transaction efficiency:

  1. Achieves the first step in automating end-to-end straight-through processing in B2B and business-to-government (B2G) transactions
  2. Improves efficiencies and reduces costs by broader adoption of e-Invoicing in the United States
  3. Provides the opportunity for a business to automate other areas of the financial supply chain, including procurement and workflow automation
  4. Enables working capital improvements such as early payment discount programs and trade financing
  5. Reduces payment risk and late payment fees

BPC Continued Efforts

The recently published reports are part of the BPC’s efforts to promote greater adoption of electronic invoice, payments and remittance data exchanges to help reduce societal costs of end-to-end payment transactions and enable innovative payment services across the payments industry. The BPC e-Invoice Work Groups will continue to collaborate with the industry and plans to publish a third report, the e-Invoice Interoperability Framework: Semantic Model Assessment by year-end.

The BPC welcomes comments on these reports. Comments can be submitted by sending an email to business.payments.smb@mpls.frb.org.

Join the BPC Today

The BPC is an internationally recognized organization with over 650 volunteer members working together to promote greater adoption of electronic B2B payments, remittance data and invoices to help enable innovative payment services across the payments industry. Visit the BusinessPaymentsCoalition.org (Off-site) website to learn more. Be a part of the change by joining (Off-site) the BPC!

FedPayments Improvement

No comments

You can be the first one to leave a comment.

Post a Comment