Federal Reserve Remittance Coalition Paper on Stand-Alone Remittance Messages
Tuesday, September 30, 2014
Posted by: Terri Brustad
Federal Reserve Remittance Coalition:
The Remittance Coalition is a group of organizations and individuals working together to promote greater use of electronic business-to-business (B2B) payments and electronic remittance data exchanges. The Coalition accomplishes this objective by addressing various problems and barriers that make it difficult for businesses to use electronic alternatives to paper checks and remittance advices.
The Remittance Coalition’s objective is to increase the efficiency with which business-to-business payments are made and reconciled by all types and sizes of U.S. businesses. The Coalition will accomplish this objective by promoting more unified standards, processes and common automated tools that support: (1) Using more electronic payments for B2B transactions, and (2) Originating and delivering electronic remittance data that can be associated easily with the payment.
NAPCP is a member of the Federal Reserve Remittance Coalition.
Paper: Understanding the ISO 20022 Stand-Alone Remittance Messages
The purpose of the paper is to provide in-depth background about the ISO 20022 Stand-Alone Remittance messages: why they were developed, how they were developed, the use cases they address and the case for adoption of the messages by industry and financial service providers.
ISO 20022 Background Information
ISO 20022 is the methodology used by the financial industry to create consistent electronic message standards across all business processes. The ISO 20022 remittance messages are designed to standardize remittance data exchange in a way that is flexible enough to adapt to current business practices and uniform enough to provide a better way forward.