Business Payments Directory Association teams with Discover for blockchain PoC
The US-based Business Payments Directory Association (BPDA) has partnered with Discover Financial Services to develop a proof of concept (PoC) platform for its B2B directory built on blockchain technology.
BPDA’s directory offers a searchable database of electronic payments information for business transactions.
“Despite payments advancements, cheques are still the dominant form of payment for B2B payments,” says Lawrence Buettner, BDPA chairman. “Our B2B directory will not only provide access to this information, but support routing instructions, preferred payment methods, remittance details, [and] delivery preferences.”
The directory will be structured as a network of credentialed service provider “sub-directories”, in which trusted and validated payee information will be stored.
Credentialed service providers will allow access to the stored electronic payment information. Payers can query the directory to obtain information of a single payee or multiple payees, and payees can manage their information in real time to ensure payment details are current.
To support the capabilities of the directory, the platform will use open source technologies, blockchain/distributed ledger technology (DLT) and standardised APIs developed by the API Standardisation Industry Group.
The directory work effort will kick off in August. The PoC phase is expected to continue in 2019.