A technical committee of Oasis, a consortium dedicated to interoperability on the web, has released a draft of the Universal Business Language for public review. This work may come in handy to standardize looking at business processes and increase straight through processing of generic forms such as purchase orders, invoices etc.
What has this got to do with payments? Well, a lot of the hidden cost of payments are in these processes. So initiatives like these certainly contribute to more efficiency in payments.