By Leilani Doyle
Payments 2014 was a busy four days for payments professionals and industry leaders. Sessions started on Sunday afternoon with educational and special coalition meetings. The Remittance Coalition held a working session focused on improving the electronification of B2B payments which was standing room only. Not bad for a sunny Sunday afternoon in Orlando.
New standards are being developed to enable business to more easily share payment and associated remittance information. NACHA announced a new opt-in program that allows XML data to be used in the ACH addenda record to help simplify the sharing of remittance information.
US Dataworks sees the growing problem with billers that are being challenged to receive electronic payment and remittance information in a variety of formats and from multiple sources. All efforts at electronic payments have focused on the payables side of the equation leaving the small to mid-sized biller struggling to manage electronic processes that are far from automated. In fact, in many cases electronic payments can cost the supplier more time and effort than traditional paper payments. That’s one reason banks are looking at our NextGen Receivables solution to improve the automation and to help businesses of all sizes navigate the various ways their customers want to pay and supply remittance information.
It is my prediction that 2014 will be the year that traditional lockbox services are replaced with a true Next Generation Solution that simplifies the process for the smaller suppliers.