Study: Businesses Increasingly Want to Use Faster Payments for Day-to-Day Operations
Federal Reserve survey reveals that businesses continue to show strong interest in using faster payments for a variety of transactions.
Major Milestone Achieved: Next Steps Toward Electronic Remittance Delivery
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.
E-invoice Exchange Market Pilot Begins Onboarding Participants in Waves
The E-invoice Exchange Market Pilot has reached a major achievement – the first of three onboarding waves – where participants have started exchanging electronic invoices using the framework. This is a major milestone as it progresses the industry toward electronic business-to-business payments and straight-through processing.
New Guide Provides Clarity on Use of ISO 20022 Remittance Information
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.
Payment Account Information with Invoices: What It Is and Why It Matters
As business-to-business (B2B) payment processes modernize, the ability to securely send this electronic payment information with an electronic invoice (e-invoice) will be a key enabler of efficient electronic payments. Learn about the benefits of including payment account information with e-invoices and new developments to help drive migration from check to electronic payments.
Transforming B2B Payments: Industry Work Group Progress
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.
Year in Review: Momentum Toward B2B Payments Modernization
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.
Saving Time, Reducing Costs and Mitigating Risks with Straight-Through Processing for B2B Payments
Straight-through processing yields multiple benefits for businesses and alleviates the pain points that result from manual business-to-business (B2B) payment processes.
Straight-Through Processing: Breaking New Ground with Electronic Remittance Information
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.
The Frictionless Framework for Modernized B2B Payments Is Within Reach
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.