The Business Payments Coalition is leading a 3-year effort to explore the feasibility of developing and implementing a standard, ubiquitous B2B electronic invoice and processing platform similar to ones that have been developed in other countries. The following links are the outcomes to date on the work.
e-Invoice Semantic Model Information Elements Request for Industry Comment
In support of the Federal Reserve Business-to-Business (B2B) Payments Efficiency Improvement, the Federal Reserve is working with the Business Payments Coalition (BPC) to coordinate a multi-year initiative with industry stakeholders to assess and provide recommendations for an electronic invoice (e-Invoice) exchange framework for the U.S. market. Since publication of the e-Invoice Interoperability Framework: Semantic Model Assessment in 2019, the BPC has continued to develop Semantic Model requirements based on the recommendations provided in the report.
As a next step in the e-Invoice initiative, the BPC is seeking industry feedback on the Information Elements identified with the most commonly used business processes for invoice exchange in the North American market. The Semantic Model is central to the exchange framework in that it:
- Defines the components that comprise an invoice including the business processes, business functions, parties and roles, and information and data models
- Enables semantic interoperability by providing parties in the exchange with a common understanding of the information and data models used
Industry feedback is critical to ensure that a comprehensive Semantic Model is created for seamless e-Invoice exchange. The BPC will use industry feedback to incorporate additional updates to the information elements and, if appropriate, seek further input on any specific items relating to the Semantic Model.
Use the Request for Industry Comment Form (DOCX) with instructions for reviewing and providing feedback regarding the Information Elements (PDF). All comments should be sent to email@example.com and are requested by Tuesday, November 10, 2020. Thank you in advance for providing input to the BPC.
The BPC hosted an informational session about the request for industry comment on October 1, 2020. The session deck (PDF) has links to resources for technical aspects of the semantic model. The informational session recording (Off-site) is also available for playback.
- Global Interoperability Framework (Off-site) (2020)
The Global Interoperability Framework (GIF) is a set of recommended practices, policies and standards for operating a four corner interoperability network.
- Overview of an e-Invoice Interoperability Framework (PDF) (2019)
Introduces the concept of an e-Invoice interoperability framework as well as market challenges and benefits of addressing them and a path forward for the BPC work assessing U.S. market needs.
- e-Invoice Interoperability Framework – e-Delivery Network Feasibility Assessment Report (PDF) (2019)
Provides business and technology stakeholders with an understanding of the high-level requirements and standards required to establish an open, federated network of access points for the U.S. market.
- e-Invoice Interoperability Framework: Semantic Model Assessment (PDF) (2019)
Provides a comprehensive analysis of existing semantic data models to determine the feasibility, high-level requirements and recommendations for the U.S. market.
- e-Invoice Interoperability Framework Assessment Report (PDF) (2018)
Report of the findings of a preliminary e-Invoicing Interoperability Framework assessment with an overview of the goals and approach used for the preliminary assessment along with key themes that emerged. The report includes recommendations and considerations for future BPC e-Invoicing efforts.
- Catalog of Electronic Invoice Technical Standards in the U.S. (PDF) (2017)
The Catalog documents the large number of electronic invoice technical standards that exist in the U.S. market, resulting in a fragmented market and interoperability challenges among the standards.
- U.S. Adoption of Electronic Invoicing: Challenges and Opportunities (Off-site) (2016)
U.S. corporations lag behind the rest of the world in adopting electronic invoicing solutions. This white paper by the Payments, Standards, and Outreach Group of the Federal Reserve Bank of Minneapolis highlights opportunities for businesses to gain efficiencies and reduce costs by more broadly adopting e-Invoicing.
- Overview of the e-Delivery Network & Semantic Model Assessment Reports webinar (Off-site, YouTube) (2020)
This second FedPayments Improvement webinar in the e-Invoice series explores the e-Delivery Network Feasibility Assessment (PDF) and the Semantic Model Assessment (PDF) reports. The webinar provides:
- An understanding of the high-level requirements and standards required to establish an open, federated network of access points for the U.S. market.
- A comprehensive analysis of existing semantic data models to determine the feasibility, high-level requirements and recommendations for the U.S. market.
- Overview of an e-Invoice Interoperability Framework webinar (Off-site, YouTube) (2019)
Businesses struggle with exchanging electronic invoices (e-Invoices). E-Invoicing, which is not an email with a pdf, enables automation and straight through processing. The BPC is working on an initiative to advance e-Invoicing for the benefit of businesses and providers. The e-Invoicing work groups conducted an assessment of frameworks that help reduce costs and increase adoption. The webinar highlights the Overview of the Interoperability Framework (PDF), which was published November 2019.
- E-Invoicing webinars FAQs (PDF) (2020)