Digital Business Networks Alliance Announces support for ISO® 20022 E-Remittance Data Model

News provided by

Sep 12, 2024, 13:14 ET

HOUSTON, Sept. 12, 2024 /PRNewswire/ -- The Digital Business Networks Alliance (DBNAlliance), a nonprofit organization that serves as the overseeing entity of the U.S. open Exchange Framework, announced its support for the results of the Business Payments Coalition's (BPC) E-remittance Exchange Pilot, which includes finalized market practices for implementing the ISO® 20022 remittance data model.

The E-remittance Exchange Pilot took place between September 2023 and June 2024, with participants using the DBNAlliance as its exchange framework to test the electronic exchange of remittance information amongst a variety of businesses. Now that the pilot is complete, the BPC's e-remittance data model is available for integration into existing open exchange networks.

Following the pilot, the DBNAlliance approved the adoption of the resultant technical specifications for transmission of e-remittance documents using the ISO® 20022 standards across its North American Exchange Framework.

The new document formats will be ready for production use by the end of September 2024, and all businesses that intend to implement the ISO® 20022 standards will be able to both send and receive remittance documents in a secure manner via the DBNAlliance Exchange Framework.

"This is an important milestone for the DBNAlliance, as we are a member-driven organization and our members have requested support for the ISO® 20022 documents in production," said Chris Welsh, Chair of the DBNAlliance. "We have responded to their requests and will publish the technical specifications on how to transact using these standards across the existing production Exchange Framework by the end of September 2024."

Dolf Kars, Chair of the DBNAlliance Membership & Market Adoption Committee, and CCO at DBNAlliance access point, Storecove, added, "We warmly welcome all E-remittance Exchange Pilot participants to use the North American open exchange network to safely and securely exchange remittance documents. The DBNAlliance has declared financial services as one of her providers four focus areas for adoption, whereby the fast-growing number of participants will bring more network relevance to new users."

To learn more about how your organization can join the open exchange network, click here.

About the Digital Business Networks Alliance

The Digital Business Networks Alliance is an independent, tax-exempt company (501(c)6) that oversees the B2B e-document exchange network in North America. The Digital Business Networks Alliance's goal is to simplify and secure the delivery of electronic business documents between service providers and businesses. The Digital Business Networks Alliance accomplishes this by leveraging a highly secure exchange network based on a set of open, non-proprietary technical standards and policies that allow businesses to discover and deliver data virtually to one another. For more information, visit https://www.dbnalliance.org/.

The DBNAlliance network is Open for Business!

SOURCE Digital Business Networks Alliance