DBNAlliance supports ISO 20022 e-remittance model in Houston, Sept 2024

On September 12, 2024, the Digital Business Networks Alliance (DBNAlliance) announced its endorsement of the Business Payments Coalition's (BPC) E-remittance Exchange Pilot results. This pilot, conducted from September 2023 to June 2024, involved various businesses testing the electronic exchange of remittance information using the DBNAlliance framework. The pilot's completion has led to the finalization of market practices for the ISO 20022 remittance data model, which is now ready for integration into existing open exchange networks. The DBNAlliance has approved the adoption of technical specifications for transmitting e-remittance documents based on ISO 20022 standards across its North American Exchange Framework. By the end of September 2024, businesses will be able to securely send and receive remittance documents using these new formats. This initiative responds to member requests for support in implementing ISO 20022 documents in production. Chris Welsh, Chair of the DBNAlliance, emphasized the importance of this milestone, highlighting the organization’s commitment to its members. Dolf Kars, Chair of the Membership & Market Adoption Committee, encouraged participants of the pilot to utilize the North American open exchange network for secure remittance document exchanges. The DBNAlliance aims to enhance network relevance for new users by focusing on financial services as a key area for adoption. The DBNAlliance operates as a nonprofit organization overseeing the B2B e-document exchange network in North America, striving to simplify and secure electronic business document delivery. The successful implementation of the ISO 20022 standards marks a significant advancement in the efficiency and security of remittance transactions within the network.