Finance & Payment Domain
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|PDA||International Supply Chain|
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This Domain concentrates on business processes and development of trade facilitation and electronic business solutions, focussing on finance and payment services standardization. Using the UN/CEFACT Buy-Ship-Pay Model, the Domain looks into the payment and supply chain finance phase (Pay phase).
The Domain is the successor of the TBG5 “Finance Working Group”.
The Domain identifies and launches supply chain finance projects in order to ensure that the UN/CEFACT portfolio of projects responds to the market requirements, in both the public and private sectors, and to respond to stakeholder requirements in terms of international interoperability.
Supply chain finance, at its most basic, allows both the buying companies and the suppliers to improve their working capital (a crucial attribute given the recent financial crisis).
Above all, the Domain deals with four streams of activities:
• Supply chain finance: financial services which might be offered by any financial agent in connection with trade documents, like finance-related aspects of e-invoice, orders, contracts, etc.
• Supply chain documents: the finance-related aspects of any B2B document, going from price list to orders to invoices, which is exchanged between the two trade counterparts.
• Payments and reporting: the area of the former TBG5 projects.
• ISO cooperation: cooperation with other standards organizations on finance and supply chain related topics, such as ISO TC68, for which a liaison has been established.
• Cross Industry Remittance Advice