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.
In its most recent report, the Financial Stability Board (FSB) released quantitative targets for its improvement roadmap. These targets intend to establish collective goals across the industry aimed at improving the cost, speed, accessibility and transparency of cross-border payments.
Straight-through processing yields multiple benefits for businesses and alleviates the pain points that result from manual business-to-business (B2B) payment processes.
The FraudClassifier(SM) model was released in June 2020 to help organizations speak the same fraud language and obtain a holistic picture of fraud involving payments. Explore a new video for a comprehensive overview of the model, including a step-by-step walk-through of its classification paths and supporting definitions.
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.
As a leader in Global Treasury and Financial Services at Microsoft, Jayna Bundy has observed how industry-wide inefficiencies can complicate the delivery of payments solutions in the business-to-business environment.
In determining how faster payments, and specifically instant payments may fit into your organization’s payments strategy, consider the Federal Reserve’s ongoing instant payments education series as a resource for the journey.
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 annual Chicago Payments Symposium focused on “Activating Next Gen Use Cases,” including global innovations in faster and instant payments, digital currency, new financial technologies and the importance of financial inclusion.