The Business Payments Coalition with support from the Federal Reserve, has launched an E-remittance Exchange Pilot. Pilot participants are testing an electronic delivery network – known as an exchange framework ecosystem – that will enable all kinds of businesses to exchange electronic remittance information.
The Remittance Delivery Work Group has completed a successful validation phase where they demonstrated it is operationally feasible for an exchange framework to deliver electronic remittance (e-remittance) information for B2B payments. Read the report.
Federal Reserve survey reveals that businesses continue to show strong interest in using faster payments for a variety of transactions.
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.
Accredited Standards Committee X9’s ISO® 20022 Market Practices Forum recently released the ISO 20022 Remittance Content Market Guide to clarify what ISO 20022 remittance information to use with business-to-business (B2B) payments. Learn more about the guide and why it matters.
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.
An opportunity exists to progress toward straight-through processing (STP) as primary components for sharing automated remittance information are now achievable. Learn more about how the business-to-business (B2B) payments ecosystem can take advantage of recent progress toward STP for more efficient payments.
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.