The Business Payments Directory Association (BPDA) has been formed to bring to market the Business-to-Business (B2B) Directory, which is a database, or “public phone book” of business payees and payee information. It will allow payers to find the information needed to make payments to their payees electronically. Studies indicate that one of the largest barriers to increased use of electronic payments is the lack of or difficulty in acquiring the required electronic banking address to make an electronic business payment.
The B2B Directory:
- Enables payees to register their Electronic Payment Identity (EPI)
- Allows payees to specify their preferred method of payment
- Enables payers to retrieve EPIs to facilitate electronic payments
- Supports multiple payment types
- Supports related business information – e.g., remittance content and delivery preferences
- Supports retrieval of payment routing instructions
- Is scalable, trustworthy, secure
The Association to this point has worked in a collaborative effort with industry leaders (i.e.: Federal Reserve Bank, NACHA, banks, service providers, and corporates) to move from a conceptual understanding of the pain associated with processing trade payments to the development of a a market driven solution.