The Business Payments Coalition’s E-invoice Exchange Market Pilot is challenging the status quo of inefficient business-to-business (B2B) payments by developing a virtual network to enable businesses to share electronic invoices (e-invoices) with one another. Learn more about industry progress from the successful completion of wave one and the goals for wave two.
The E-invoice Exchange Market Pilot is working to implement an electronic invoice (e-invoice) exchange framework that will enable businesses of all kinds in the United States to connect and exchange e-invoices. Check out a step-by-step overview of how an e-invoice moves through an exchange framework from supplier to buyer.
The Remittance Delivery Assessment Work Group just released a recommendations report where they determined it is feasible to establish a remittance exchange framework, similar to the electronic invoice (e-invoice) exchange framework, with some minor adaptations. Read the recommended next steps.
The E-invoice Exchange Market Pilot has reached a major achievement – the first of three onboarding waves – where participants have started exchanging electronic invoices using the framework. This is a major milestone as it progresses the industry toward electronic business-to-business payments and straight-through processing.
As business-to-business (B2B) payment processes modernize, the ability to securely send this electronic payment information with an electronic invoice (e-invoice) will be a key enabler of efficient electronic payments. Learn about the benefits of including payment account information with e-invoices and new developments to help drive migration from check to electronic payments.
Since the launch of the E-invoice Exchange Market Pilot and the Remittance Delivery Assessment Work Group last year, notable progress has been made to catalyze the modernization of business-to-business (B2B) payments in the United States.
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.