The Federal Reserve will work with industry stakeholders to develop technologies and rules that foster greater ubiquity and interoperability among payment directories for person-to-person (P2P), person-to-business (P2B) and small business-to-business (B2B) payments. This effort supports the desire to achieve ubiquitous credit-push payments that can be made on new or legacy electronic payment platforms.
The Federal Reserve works with stakeholders to address barriers to electronic payment adoption by businesses, leveraging work already completed by the Business Payments Coalition. The Federal Reserve, working with the Business Payments Coalition as appropriate, will:
- Collaborate with stakeholders to develop and implement a directory to support B2B electronic payments;
- Work with banks, other service providers and small-business experts in 2015 to develop and implement education, including toolkits targeted for use by financial institutions and large businesses to enable counterpart small businesses to adopt electronic payments and related information;
- Develop and promote simplified, common guidelines to make it easier to implement and use B2B standards for electronic payments and related information; and
- Explore the possibility of developing and implementing a standard, ubiquitous B2B electronic invoice and processing platform similar to ones that have been developed in other countries.