Business Payments Coalition OverviewThe Business Payments Coalition’s objective is to increase the efficiency with which business-to-business (B2B) payments are made and reconciled by all types and sizes of U.S. businesses. TheCoalition will accomplish this objective by promoting more unified standards and processes andcommon 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 thepayment. Why Address Remittance Data? ...Because remittance data is typically sent with a paper check, reconciliation and posting of paperpayments is easy. However, when remittance data flows with an electronic payment, it may not beforwarded to the corporate receiver with the notification of the payment. When remittance dataflows separately to the receiver, the receiver may not have sufficient information to reconcile itwith the right payment. Too many alternatives for remittance exchange and too much variability inthe way that remittance data standards are used by businesses makes it more difficult adoptelectronic payments and remittance data and achieve straight-through-processing. Business Payments CoalitionPBC_8f07cd8c-6767-11e9-8ee0-ea3ce7aab165The Business Payments Coalition, formerly the Remittance Coalition, is a group of organizations andindividuals interested in working together to promote more use of electronic business-to-business(B2B) payments and electronic remittance data. The Coalition accomplishes this objective byaddressing various problems that make it hard for businesses to use electronic payments andremittance data. As of July 2017, the Coalition includes about 600 representatives from small andlarge businesses, industry associations, financial institutions, software vendors, payment processorsand service providers, standards developers, and others. BPC ParticipantsParticipation in the Coalition is open to any individual or organization interested in the Coalition's objectives. There is no cost to join or to participate in Coalition efforts...How to Join the Coalition: Register at https://information.frbcommunications.org/JoinBPC or send an e-mail toBusiness.payments.smb@mpls.frb.org with your name, company, and e-mail address. You willreceive a welcome packet, be added to the Coalition distribution list, and be invited to participate inspecific Coalition initiatives of interest to you. Association for Financial ProfessionalsWhile B2B checks are declining, they are not doing so as rapidly as are consumer checks, despite thebenefits businesses report in using electronic payments. A number of studies, including theAssociation for Financial Professionals Electronic Payments Survey and the Business PaymentsCoalition Corporate Survey have found that a lack of simple, easily adopted standards thatautomate the reconciliation of payments and remittance data is a key barrier to higher adoption ofelectronic B2B payments.U.S. BusinessesFederal Reserve Bank (FRB) of MinneapolisBusiness Payments Coalition Communications -- As a member of the Coalition including its Leadership Group, the Federal Reserve Bank (FRB) ofMinneapolis coordinates, tracks, and distributes information about Coalition activities of interest toCoalition members.LinkedInLinkedIn Group -- Also, there is a Business Payments Coalition group on LinkedIn that is a source of information aboutthe Coalition. X9C Corporate Banking SubcommitteeX9C Corporate Banking Subcommittee Liaison -- Within Accredited Standards Committee X9, the X9C Corporate Banking Subcommittee coordinates,tracks, and communicates with its members about Business Payments Coalition activities. Higher adoption of electronic B2B payments._8f07cfc6-6767-11e9-8ee0-ea3ce7aab165To increase the efficiency with which business-to-business (B2B) payments are made and reconciled_8f07d070-6767-11e9-8ee0-ea3ce7aab165EfficiencyStandardsPaymentsGreater use of electronic payments by businesses_8f07d0f2-6767-11e9-8ee0-ea3ce7aab1651Businesses_8f07d188-6767-11e9-8ee0-ea3ce7aab165RemittancesGreater use of electronic methods to exchange remittance data_8f07d20a-6767-11e9-8ee0-ea3ce7aab1652_8f07d296-6767-11e9-8ee0-ea3ce7aab165Data ExchangeGreater efficiency in the exchange and reconciliation of payments and remittance data, including less exception processing and manual intervention_8f07d322-6767-11e9-8ee0-ea3ce7aab1653_8f07d3ae-6767-11e9-8ee0-ea3ce7aab165Standards & TechnologyMore ready availability of technology solutions and standard practices and procedures to support automated reconciliation of electronic payments and remittance data. _8f07d43a-6767-11e9-8ee0-ea3ce7aab1654_8f07d4d0-6767-11e9-8ee0-ea3ce7aab1652019-04-25https://businesspaymentscoalition.org/wp-content/uploads/business-payments-coalition-overview-updates.pdfOwenAmburOwen.Ambur@verizon.net