The Remittance Coalition is a group of organizations and individuals working together to promote greater use of electronic business-to-business (B2B) payments and electronic remittance data exchanges. The Coalition accomplishes this objective by addressing various problems and barriers that make it difficult for businesses to use electronic alternatives to paper checks and remittance advices.
Remittance information refers to details about a payment. It tells what the payment is for and explains variances between the amount billed and amount paid. In B2B payments, often a remittance advice is sent by the buyer to the seller to inform the seller that a payment has been or is about to be made, the specific items or invoices being paid, and the reasons for any discrepancies between the invoiced amount and the paid amount (for example, discounts, deductions, and adjustments taken in accordance with the terms of the sale or contract.) The seller's accounts receivable function then reconciles the payment and the remittance details. Remittance advices may also issued by suppliers to acknowledge customer payment of outstanding invoices and/or goods or services sold.
Participation in the Coalition is open to any individual or organization interested in the Coalition’s objectives. There is no cost to join nor to participate in Coalition efforts.
The Remittance Coalition’s objective is to increase the efficiency with which business-to-business payments are made and reconciled by all types and sizes of U.S. businesses. The Coalition will accomplish this objective by promoting more unified standards, processes and common automated tools that support: (1) Using more electronic payments for B2B transactions, and (2) Originating and delivering electronic remittance data that can be associated easily with the payment.
Interested in joining the Remittance Coalition? Send an e-mail to firstname.lastname@example.org with your name, company, and e-mail address. You will receive a welcome packet, be added to the Coalition distribution list, and be invited to participate in specific Coalition initiatives that may interest you.
Have a question about the Coalition? Want to volunteer on a project? Please send an email to email@example.com.
It is our practice to post on our web site meeting agendas, minutes, and other information relevant to the efforts of the Remittance Coalition. This information may include the names of participating individuals and organizations. We may also post presentations or other materials created by participants, with the relevant participant's consent.
The Remittance Coalition has a LinkedIn group. Check it out!
2013 Remittance Coalition Initiatives [PDF]
2012 Remittance Coalition Accomplishments [PDF]
Remittance Coalition Member Organizations [PDF]
Remittance Coalition Member Feedback Survey - Summary of Results, March 1, 2013 [PDF]
A number of activities and solutions have been identified to bring clarity to and address aspects of the remittance problem. Remittance Coalition members participate in and lead certain initiatives. However, in some cases, such as the development of a new remittance standard, the role of the Remittance Coalition is to track, communicate progress, and provide feedback to the lead organization. In addition to the activities listed below, the Presentations section shares slide decks from educational outreach activities, such as presentations and webinars, of Remittance Coalition members.
None scheduled at this time.
RVCF - A Streamlined Approach to Deduction Codes: Why Fewer is Better, November 4, 2013
Vendor Forum - Fedwire Funds Service & CHIPS, August 13, 2013
Vendor Forum - New Remittance Information Format for Wire Payments, August 13, 2013
Vendor Forum - NACHA's XML-ACH Opt-in Program, August 13, 2013
Vendor Forum - XML in the ACH?, August 13, 2013
Vendor Forum - The New Balance & Transaction Reporting Standard, August 13, 2013
Article for ASBDC by Debra Hjortland
Remittance Coalition Electronic Payment & Remittance Exchange Survey by Debra Hjortland
Unfinished Business by Debra Hjortland. This article appeared in the March 2012 edition of the AFP Exchange magazine, copyright ©2012 Association for Financial Professionals, all rights reserved, republished with permission.
Remittance Advice Standards: Is there a lack of standards or too many? Report to X9 Board of Directors by Debra Hjortland