The Remittance Coalition, an industry group that promotes greater use of electronic business-to-business (B2B) payments and electronic data exchanges, has received approval from the American National Standards Institute (ANSI) for three new technical reports.
The Remittance Coalition encourages AFP members to share these technical reports with any interested co-workers or business colleagues:
- Core Adjustment Reason Codes: This report contains the most commonly used codes for adjusting a B2B payment amount and provides an overview of how to use the codes when exchanging and processing remittance information.
- Remittance Glossary: The Remittance Coalition has partnered with X9C to develop a glossary to provide greater standardization and improve communication in the purchase-to-pay business processes. This glossary will consists of terms used in remittance exchange to be a source of common language in the payment and reconciliation process.
- Remittance Standards Inventory: This inventory will be comprised of relevant B2B payment remittance standards. The intended audience of this catalog includes B2B solution and service providers, and corporations and organizations that must make use of these standards to facilitate the efficient reconciliation of their payments and remittance data. Standards bodies and other general interested parties are another target audience for this repository.
“The ANSI approval of these three technical reports is a great step forward that should help facilitate further migration from paper checks to electronic payments in the B2B field,” said Magnus Carlsson, AFP's manager of treasury and payments, and a member of the Remittance Coalition.
Each of the Coalition's three documents is available for download on the X9.org website.