Business Payments Coalition

“Since it was formed as the Remittance Coalition five years ago, the Business Payments Coalition has evolved into a nationally respected organization that champions B2B payments efficiency and security. It is a true model of industry collaboration, with hundreds of active and effective volunteers from a wide variety of organizations including businesses of all sizes and types, banks, standards development organizations, consultants, software and technology vendors, and many others. By creating and publishing standards and technical reports, identifying “best practice” business processes and promoting their use, educating about payment and remittance standards, and advocating ways to overcome barriers to straight-through-processing, the Coalition has made real progress in achieving its goal of improving the efficiency of B2B payments across the end-to-end process.”

Claudia Swendseid
Senior Vice President
Federal Reserve Bank of Minneapolis
Founding Member, Business Payments Coalition (formerly the Remittance Coalition)

The Business Payments Coalition is a volunteer group of organizations and individuals working together to promote greater adoption of electronic business-to-business (B2B) payments and electronic remittance data exchanges. The Coalition accomplishes this objective by addressing problems and barriers that make it difficult for businesses to use electronic alternatives to paper checks and remittance advices. The Coalition’s overarching goal is to make B2B payments more efficient across the end-to-end process, that is, to achieve straight-through-processing across both the procure-to-pay and order-to-cash cycles.

Remittance information refers to details about a payment. It tells what the payment is for and explains variances between the amount billed and amount paid. In B2B payments, often a remittance advice is sent by the buyer to the seller to inform the seller that a payment has been or is about to be made, the specific items or invoices being paid, and the reasons for any discrepancies between the invoiced amount and the paid amount (for example, discounts, deductions, and adjustments taken in accordance with the terms of the sale or contract).

Participation in the Coalition is open to any individual or organization interested in the Coalition’s objectives. There is no cost to join or to participate in Coalition efforts.

Purpose

The Business Payments Coalition’s objective is to increase the efficiency with which business-to-business payments are made and reconciled by all types and sizes of U.S. businesses. The Coalition accomplishes this objective by promoting more unified standards, processes and common automated tools that support: (1) Using more electronic payments for B2B transactions, and (2) Originating and delivering electronic remittance data that can be associated easily with the payment.

Contact the Business Payments Coalition

Interested in joining the Business Payments Coalition? Register now! You will receive a welcome packet, be added to the Coalition distribution list, and be invited to participate in specific Coalition initiatives that may interest you.

Have a question about the Coalition? Want to volunteer on a project? Review the Frequently Asked Questions (FAQs) or send an email to business.payments.smb@mpls.frb.org.

Business Payments Coalition Overview

Business Payments Coalition Work Products