Exchange Framework Validated for E-remittance Information

The Business Payments Coalition and Federal Reserve are collaborating with industry experts on a work effort to modernize the exchange of electronic remittance (e-remittance) information using an exchange framework ecosystem.
As a result of this collaboration, the Remittance Delivery Work Group completed a validation phase in the summer of 2023, where they successfully demonstrated it is operationally feasible for an exchange framework to deliver e-remittance information.
The success of the validation phase increases industry confidence that an exchange framework can support both the sending and receiving of e-remittance information.
At the recommendation of the work group, the BPC, with support from the Fed, will proceed with facilitating an E-remittance Exchange Pilot, supporting all electronic B2B payment methods.