Having demonstrated the operationally feasibility of an exchange framework to deliver e-remittance information, the Business Payments Coalition (BPC) and Federal Reserve are gearing up for a pilot.
In 2021, more than 40 industry organizations joined the Remittance Delivery Assessment Work Group to investigate how to modernise the exchange of electronic remittance information using an exchange framework ecosystem.
An exchange framework is an electronic delivery network based on a set of technical standards and policies that allows businesses to securely share electronic supply chain documents with one another.
Over the summer, the validation phase was completed, demonstrating that it is operationally feasible for an exchange framework to cost effectively deliver e-remittance information.
Now, BPC, with support from the Fed, will pilot a fully operational exchange framework. This will focus on finalising the ISO 20022 remittance data model and preparing for the establishment of a production remittance exchange framework.