ISO 20022 remittance exchange holds promise

One of the biggest headaches that companies face today is the posting and reconciliation of payments. Details such as invoice number, customer account, and other key information that help explain the purpose of the payment often do not travel with the payment. In turn, this fragmented flow of remittance data leads to inefficiencies and errors related to the manual re-keying of information. Exacerbating the exchange of business-to-business (B2B) remittance data are the multiple business formats and industry practices for remittance information, combined with competing standards and proprietary technology.

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