Minutes of the UBL Payments and Finance Subcommittee 06 September 2017 14:30UTC

["G. Ken Holman" <gkholman@CraneSoftwrights.com>]

Minutes of the UBL Payments and Finance Subcommittee 06 September 2017 14:30UTC

AGENDA:

1. Roll call
   - Kenneth Bengtsson
   - Todd Albers
   - Erlend Klakegg Bergheim
   - G. Ken Holman (secretary)


2. Outreach and liaisons with relevant workgroups
   - nothing for the minutes


3. Deliverables to the UBL TC and to UBL 2.3:

  a) Tradable invoice document / Bill of exchange

     - a tradeable instrument that can trade hands, but began life as
       an invoice and becomes a "bill of exchange"
     - Kenneth has been working more on this
       - is this a living document or a snapshot document?
       - standard information all found in the library
       - FactorParty is a new party involved in the process
       - list of previous installments (payments)
     - Ken brought up the concept of a semaphore (in programming)
       - two ways to work with a semaphore:
         - wait and set
         - abend if not set
         - once set it is "owned" by who set it
         - in real-time systems this allowed different software
           processes to "own" hardware components
       - is there a way to engage a semaphore by the "owner" of the
         latest issue of a bill of exchange

  b) Remittance Advice

     - after informal discussions Kenneth added a new tab to the Payfin
       working spreadsheet:

https://docs.google.com/spreadsheets/d/10pJVBV7Nvlgg2gPhQa90WOU4744Hvvyni-E-EOfuyFI/view

  c) Identification of other Payfin work products

     - no others at this time (lots of time to think of new ones)


4. Meeting schedule
   - next meeting 20 September 2017


5. Any other business

   - the US Federal Reserve system has published today their update
     for their strategies for improving the US payments system

https://fedpaymentsimprovement.org/wp-content/uploads/next-step-payments-journey.pdf

    Page 12:  "Support industry efforts to develop and promote adoption
    of standards that enable end-to-end electronic processing of business
    invoices, payments and remittance information."

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