Contributor: Matthew Dragiff

The Remittance Coalition held its second workshop last week, just prior to the start of the Association of Financial Professionals (AFP) annual conference in Boston. The workshops are designed to better understand the barriers to the automated reconciliation of payment transactions with remittance data. The participants included representatives from financial institutions, software vendors, corporate treasury practitioners, payment services providers and standards developers as well as standards groups including X9, X12, Federal Reserve, SWIFT, OAGi, IFX, GS/1, NACHA and ISO. During this meeting it was emphasized that the Remittance Coalition is not a new standards body. The Coalition consists of parties (including existing standards groups) who are interested in understanding and addressing remittance problems. Key to this is ongoing input from corporate end users to understand their problems and develop effective solutions.... read more