Two New Industry Efforts to Propel B2B Payments Toward Modernization
The Business Payments Coalition and Federal Reserve recently announced two industry efforts aimed at catalyzing the modernization of business-to-business (B2B) payments in the United States.
Seventy-three organizations have joined the E-invoice Exchange Market Pilot to build and test a virtual exchange framework to enable businesses of all kinds to exchange electronic invoices. Another 42 organizations have joined the Remittance Delivery Assessment Work Group to assess whether a similar exchange framework can facilitate electronic delivery of remittance information across all payment types.
Read the blog announcement “Two New Industry Efforts to Propel B2B Payments Toward Modernization”.
We also invite you read a recent FedPayments Improvement article, “The E-invoice Exchange Framework: Paving the Path to B2B Payments Modernization”, which highlights the virtual exchange framework, including how business information flows within it and the ideal state of e-invoice and e-remittance information.
Read more, continue to visit the Business Payments Coalition website and explore FedPaymentsImprovement.org for updates on B2B payments modernization.
Want to learn more?
Email us at business.payments.smb@mpls.frb.org with any questions.
https://businesspaymentscoalition.org/