e-Invoicing

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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 business.payments.smb@mpls.frb.org 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.

Resources

Webinar Recordings

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