The Business Payments Coalition (BPC) is asking for industry input on the kinds of data connected with the most utilized invoice exchange processes in North America as the next phase in a digital invoicing initiative, according to an announcement.
The Federal Reserve is collaborating with the BPC to organize a program to last multiple years with those in the industry to evaluate and offer suggestions for a digital invoicing exchange blueprint for the domestic market, according to the announcement.
Following the e-Invoice Interoperability Framework: Semantic Model Assessment report's release last year, the BPC has kept creating Semantic Model requirements off of suggestions in the document.
The Semantic Model provides meanings for different parts of a bill such as information and data models in addition to entities and positions, among other elements.
It also offers “semantic interoperability” as it gives different entities involved an exchange with the same interpretation of information and data models utilized.
“Industry feedback is critical to ensure that a comprehensive Semantic Model is created for seamless e-Invoice exchange. The BPC will use industry feedback to incorporate additional updates to the information elements and, if appropriate, seek further input on any specific items relating to the Semantic Model,” according to an announcement.
The digital invoice has become the keystone that links accounts receivable (AR) and accounts payable (AP) portals as an increasing number of business-to-business (B2B) payment technology firms focus their attention on the document.
In April, news surfaced that Billtrust was bolstering its connection with the clients of its customers via additional AP integrations. At the time, the firm announced that it had the ability to link up with over 100 AP portals.
And Taulia also unveiled its Rapid Start Invoicing technology, which is a solution that lets small suppliers make their billing procedures digitized.
The firm is aiming to reach these suppliers via the payables departments of their corporate clients.
The technology lets payables teams point their own vendors in the direction of digital invoicing to simplify bill processing and payments, while making sure funds keep moving through the supply chain.