The E-invoice Exchange Framework: Paving the Path to B2B Payments Modernization

By Business Payments Coalition - Federal Reserve Bank of Minneapolis

A key step in modernizing business-to-business (B2B) payments in the United States is establishing a standard way for businesses to send electronic invoices (e-invoices), payment and remittance (e-remittance) information to one another.

As many of you know, earlier this year the BPC released the results of a proof of concept for an electronic e-invoice exchange framework that, if successfully implemented, would provide a path forward for businesses to send, receive and automate straight-through-processing for invoices. The BPC and the Federal Reserve are also initiating an industry work group to assess what it would take to establish a similar exchange framework to facilitate electronic delivery of remittance information across all payment types.

Read the full recent FedPayments Improvement article, “The E-invoice Exchange Framework: Paving the Path to B2B Payments Modernization”, which highlights the virtual exchange framework, including how business information flows within it, the ideal state of e-invoice and e-remittance information and industry efforts to catalyze this modernization.

Read more, continue to visit the Business Payments Coalition website and explore FedPaymentsImprovement.org for updates on B2B payments modernization.

Want to learn more?

Email us at business.payments.smb@mpls.frb.org with any questions.