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The Digital Business Network Alliance (DBNAlliance) has recently launched, which marks a significant stride towards the exchange of electronic invoices and payments in North America (Canada and the USA).
What is the DBNAlliance?
The Business Payments Coalition (BPC) and Federal Reserve Financial Services have been working together to enhance the efficiency of business-to-business (B2B) payments in Canada and the USA.
As a result, participants of the two organisation’s project (the BPC E-invoice Exchange Market Pilot) have joined forces to establish the Digital Business Networks Alliance (DBNAlliance). The DBNAlliance will oversee and operate an electronic invoice exchange network, which aims to improve business-to-business (B2B) payment processes.
More about the DBNAlliance’s objectives
The main objective of the DBNAlliance is to overcome the inefficiencies of B2B payments. As a first step towards making B2B payments more efficient, the Alliance proposes the use and exchange of electronic invoices.
Electronic invoicing reduces many of the barriers businesses face when paying and getting paid on time. E-invoicing significantly reduces invoice errors, improves invoice traceability, and in the case of some e-invoicing providers, such as Banqup Group, creates faster payments with the use of digital invoice payment buttons. All benefits which create faster, more accurate B2B payment processes.
The DBNAlliance’s framework
In order to make electronic invoicing accessible to all, the DBNAlliance will operate a framework made up of technical standards and policies.
The policy states that the electronic invoicing standard is based on non-proprietary standards, and that all the electronic payments are supported.
But the most important standard within the framework is its interoperable nature. The Alliance wants the electronic delivery exchange network to be accessible by all US and Canadian businesses through the use of accredited interoperable Access Points, an approach based on GENA and Peppol interoperability networks.
Access Points are interoperable service providers who are members of the Alliance’s network. Members include e-invoicing service providers (such as Banqup Group), banks, B2B networks and payment service providers, just to name a few.
By utilising members, the DBNAlliance can ensure only trustworthy, recognised providers are operating within the network.
Stay informed on the DBNAlliance’s developments
Currently, the DBNAlliance’s framework is already live, and unlike many European countries, there are no plans to introduce mandatory processes.
To stay up to date with any future DBNAlliance developments, plus updates on EESPA and Peppol interoperability networks, follow Banqup Group on LinkedIn.