Remittance

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

Sign Up for the Remittance Delivery Work Group

The BPC and the Federal Reserve will soon launch the Remittance Delivery Work Group to assess the E-invoice Exchange Framework architecture to understand if it is feasible for electronic delivery of remittance information.

Experienced industry leaders are needed now to participate in this Work Group. The BPC and the Federal Reserve will be accepting expressions of interest from qualified individuals through August 13, 2021. Click here for more information or to sign up (Off-site).

Remittance Content Project Team Established as Part of X9 ISO^® 20022 Market Practices Forum

The X9 ISO^® 20022 Market Practices Forum is recruiting for a remittance project sub-team. The goal of the remittance content project team is to publish a U.S. Market Practices Guide to gain industry alignment on best practices for remittance content. The BPC is actively seeking volunteers to advance this work. If you are interested in joining, please send an email to admin@x9.org to register or for more information. Participants do not need to be X9 members to be part of the team.

Resources

• Simple Remittance Requirements (PDF) (2018)
  This document defines data needs for simple remittance information that can be easily adopted by small and medium businesses (SMBs). It identifies three levels of remittance data, which, if included with an electronic payment, would facilitate cash application and reconciliation for SMBs.
• Article: New Minimum Remittance Data Guidelines Help Small Trading Partners Apply Payments (PDF) (2018)
• Remittance Glossary (PDF) (2014)
  This technical report is a glossary of terms associated with business-to-business payment methods and payment remittance data.
• Remittance Standards Inventory (PDF) (2013)
  The Remittance Standards Inventory is a comprehensive inventory of relevant B2B payment remittance standards.
• Core Adjustment Reason Code Technical Report (PDF) (2013)This technical report presents a streamlined set of codes for adjusting a B2B payment amount and provides an overview of how to use these codes in the exchange and processing of remittance information.

Additional Resources