This June, the Federal Reserve Bank is kicking off the first set of meetings that will support the development of an improved payment system for the United States. The initiative is dedicated to enabling faster, secure, more cost-effective solutions for making a variety of payments, including business-to-business (B2B) payments.
As a company founded with these very tenets in mind, we couldn’t be more excited. Since our inception, we’ve worked tirelessly with industry groups and business leaders that are advocating for these changes for small and large businesses alike. With the Federal Reserve now supporting the initiative, we continue to see a shift in mindsets.
A perfect example of this shifting mindset is the small business payments toolkit recently released by the Remittance Coalition, an industry organization that promotes greater use of B2B payments. A great resource for businesses of any size, the toolkit provides recommendations for enabling electronic payments while preventing fraud and mitigating security risks.
In a recent article, FedPayments Improvement summarized the top five takeaways of this toolkit. Their number one takeaway?
Adopting B2B electronic payments and remittance information exchanges will make life easier for small business owners.
We completely agree! The cost of materials to print, stuff and mail a check, coupled with the time it takes to prepare and send these checks adds up to significant costs and wasted time. Further, suppliers are left in the dark until their payment is received. But leveraging an online business network like Viewpost to send electronic payments can help eliminate these costly challenges and enable better, faster communication between businesses.
We’ll keep sharing what we learn about the future of payments and the Federal Reserve Bank payment improvement activity. In the meantime, Viewpost will continue to work with our industry contacts to remain on the forefront of creating a faster, smarter payments system.
To learn more about how Viewpost makes electronic payments easier for businesses, follow our blog.