Over the year, the Federal Reserve has continued to collaborate with the industry to advance understanding on the importance of B2B payments modernization. This collaboration has taken different forms, resulting in progress among industry work groups, market pilot activities and strong enthusiasm for efforts to advance modernization.
Straight-through processing yields multiple benefits for businesses and alleviates the pain points that result from manual business-to-business (B2B) payment processes.
To modernize business-to-business (B2B) payments, there must first be a framework for businesses to send, receive and automate electronic invoices and remittance information. Explore the third video in our educational series for an overview of a virtual exchange framework and its potential as a solution for automation.
The modernization of B2B payments would be incomplete if it did not advance efficiency across other dimensions, including the payment, remittance information and reconciliation. Now is the time to catalyze similar innovation with the exchange of payment remittance information.