- 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.
Source Business Payments Coalition (BPC)
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