This standard was published February 19, 2016 and was worked on by the BTRS Version 3 working group. The Balance and Transaction Reporting Standard established a common format for exchanging cash management account data. By establishing an efficient mechanism for communication among multiple parties, the standard facilitates complete, accurate, and timely information reporting, and helps reduce the cost of providing this service.
This document was registered with ANSI as a TR on May 8, 2016. This Technical Report was worked on by the X9C4 working group. It will be a useful tool for retail industry members who seek to improve and standardize how debit balances are processed among various trading partners. As a result, this will create efficiencies, potential cost savings in terms of reduced labor, and improved cash management. Four members of the work group co-presented at a webinar on August 10 to help educate the retail industry on how to leverage this technical report.
Potential Projects for X9C
X9C discussed the possibility of creating an inventory or catalog of electronic invoicing (e-invoicing) standards. This would be an effort similar in style and detail to TR-44-2014 Remittance Standards Inventory. Members were supportive of this suggestion.
2017 Business Payments Coalition Priorities (Note the Business Payments Coalition was formerly known as the Remittance Coalition)
1) continue the B2B directory project and bring it to market,
2) publish and promote Phase 3 of the Small Business Payments Toolkit,
3) grow and strengthen the Vendor Forum and continue the work of the ISO 20022 Education and Promotion Work Group,
4) develop and promote standards that facilitate adoption of electronic payments and straight through-processing of B2B transactions, and
5) help implement the Federal Reserve’s white paper recommendations to increase the adoption of e-invoicing in the U.S., including forming a work group.
Updates to the BTRS Specification
Work began on Version 4 in 2016. The focus is to make inroads to modernizing the standard and providing it with ISO-like capabilities. The BTRS standard will be extended to allow reporting of ACH and lockbox details within new Batch and Item Records (Record Code 32). Work will also commence to normalize the narrative text of common Wire and ACH payment types.