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

The BPC, in collaboration with the Federal Reserve, has 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 will leverage the talents and expertise of a diverse set of industry stakeholders to, ultimately, publish the results of this assessment. Learn more about the benefits of electronic remittance information in B2B payments in a recent article, “Electronic Remittance Information: Making the Move Toward Modernization” (Off-site). Learn more about the power of exchange frameworks here (Off-site).

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.

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