Remittance

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Overview

Reaching widespread adoption for businesses to exchange electronic remittance information – or details about a payment – with each other remains a primary goal of the Business Payments Coalition (BPC). This is a challenge for the industry primarily due to the unstructured format and detached delivery of remittance information. The BPC is committed to addressing major provider and end user pain points in sharing electronic remittance information.

The BPC supports industry efforts to align on a common core of remittance content and delivery methods that promote broad adoption of electronic remittance data. While the remittance solutions landscape is still evolving, electronic remittance capabilities play a strong role in reducing payment application costs and improving overall efficiency. All companies, regardless of size, can benefit from the modernization of remittance information to help reduce payment application costs and improve efficiency.

Recent Updates

Remittance Delivery Assessment Work Group Report

The BPC, in collaboration with the Federal Reserve, formed the Remittance Delivery Assessment Work Group to determine the viability and potential of an exchange framework that would support the U.S. market’s exchange of remittance information across all payment types. Read the press release announcement (Off-site). The work group recently published their assessment report following evaluation of the electronic invoice (e-invoice) exchange framework, where they determined it is feasible to establish a remittance exchange framework with some minor adaptations. Read more about their findings and next steps in the report below.

Accredited Standards Committee (ASC) X9 Publishes ISO® 20022 Remittance Content Market Guide

Accredited Standards Committee (ASC) X9’s ISO® 20022 Market Practices Forum recently released the ISO 20022 Remittance Content Market Guide (Off-site) to clarify what ISO 20022 remittance information to use with business-to-business (B2B) payments. The guide includes detailed information and real-world examples to assist with the implementation of ISO 2022 and simplify integration into accounts payable (AP) and accounts receivable (AR) systems. It also provides guidance for sending remittance information within or separate from the payment, allowing flexibility to meet varying business needs. Read more about what’s included in the guide, why it matters and how this progress will further advance straight-through-processing for B2B payments.

The BPC held an informative webinar about the guide on June 28, 2022. Watch the full webinar recording Remittance Information for B2B Payments in Practice: How to Improve Cash Application (Off-site) and download the webinar presentation (PDF).

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