11.12.21

New Industry Efforts to Propel B2B Payments Toward Modernization

The Federal Reserve and the Business Payment Coalition (BPC) recently announced that 73 organizations will work together to develop an industrial pilot operational exchange framework that will enable companies to share electronic invoices.
The E-invoice Exchange Market Pilot and the Remittance Delivery Assessment Work Group aim to modernise B2B payments resulting in faster timeframes. Advantages of this modernisation include lower costs, better cash management, error reduction, risk mitigation, increased transparency and improved efficiency.