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Developments in Electronic Remittance Exchange For Business-to-Business Payment Process Automation

Developments in Electronic Remittance Exchange For Business-to-Business Payment Process Automation

Business-to-business electronic payment models that have the potential to open up the interface between payment systems and accounting applications to improved payment security and control, while helping business to increase productivity and reduce administration costs.

(This paper has been prepared as a discussion document for distribution ahead of “Payments 2013” hosted by The Electronic Payments Association (NACHA) San Diego April 21st-24th.)

“Electronic payments are on the radar of every large and mid-market business to facilitate payment process automation, reduce expenses and improve payment security and control.”

Introduction

Companies today recognize that paper-based processes are costly and highly inefficient. They are eager for process improvements, cost savings and the means to unlock management information tied up in inefficient payment and accounting systems that inhibit timely reporting and cash forecasting.

“The preferred way of sending remittance information for large and mid-market businesses is by mail. As a result 56% of remittances must be re-keyed into accounts receivable systems.”

Transitioning from checks to electronic payment processes will benefit every business. However, a noticeable shift to electronic business-to-business (B2B) payments will require comprehensive electronic remittance advice models that can be applied to open up the interface between payment systems and accounting applications to automate critical payment activities and interact electronically with banks and vendors.

In this update we focus on recent developments in electronic remittance exchange for B2B payments that have the potential to allow business to transition away from check payments, automate traditionally manual paper-based processes, unlock management information and deliver secure and auditable payment flows for senior management.

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