AFP Video: Defining the B2B Payment Directory
Paying invoices by paper check is slow, insecure and prone to errors. Thanks to the U.S. Postal Service and the massive address book it keeps, companies always know how and where to mail their payments, but there’s no such thing in the digital world. Making electronic payments today requires the risky and time consuming process of companies widely sharing sensitive bank account numbers. In order to modernize business payments and give companies a way to make them securely and electronically, we need a better address book.
The Remittance Coalition is a group of organizations and individuals – including members of the Federal Reserve, industry associations, and corporations of all sizes – working together to promote greater use of electronic B2B payments. One of their first tasks to pave the way for easier payments is to create the B2B Directory. As a member of the Remittance Coalition’s leadership group, MineralTree’s CEO, BC Krishna, recently spoke to the Association for Finance Professionals (AFP) about the B2B Directory and the work ahead to create it.
Within the next six to nine months, the Remittance Coalition will be building a proof of concept to give people a better understanding of how the directory will work, define rules and governance on how it will operate, and explore business models that will allow the directory to sustain itself.
Here’s a video from the AFP’s “In-Depth” series with some of BC’s comments.
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