• A decentralized coordination between a Transmission System Operator (TSO) and a Distribution System Operator (DSO) implemented via a standardized Business Use Case (BUC) for scheduling and deploying optimal reactive power exchanges in the DSO's boundary for improved voltage control in the TSO's networks is proposed. • The interoperability between the TSO, the DSO, and other stakeholders is solved by designing and developing the BUC within the framework of the International Electrotechnical Commission (IEC) Common Information Model (CIM) family of standards IEC61970, IEC61968, and IEC62325. • The standardized BUC is demonstrated on real-world Slovenian TSO's and DSO's networks. On one hand, a sensitivity analysis is conducted to evaluate to which extent different Renewable Energy Sources (RES), such as capacitor banks and different Distributed Generators (DGs), viz. hydropower, photovoltaic (PV), and thermal (co-generation) units, impact on the high voltage (HV) for different network topologies, DGs’ operating scenarios, and capacitor banks’ sizes and locations. On the other hand, a robustness analysis is conducted to evaluate the capability of the proposed approach to regulate the HV voltage by managing the reactive power injected by these different RES in the different simulated scenarios. • The proposed data exchange mechanism based on the standardized BUC can successfully exchange data between the TSO, the DSO, and other stakeholders, such as the Significant Grid Users (SGUs) and Meter Operators, as a CIM Common Grid Model Exchange Standard (CGMES) format. • The proposed approach can manage DGs at the DSO's boundary toward contributing additional (positive or negative) reactive power to reduce the voltage deviations in the grid, improve the power quality at the DSO's boundary by reducing the flow of reactive power from the TSO's to the DSO's networks and vice versa, and keep the HV within safe values. The increasing penetration of Renewable Energy Sources (RES) in distribution networks has led traditional voltage regulation to their boundaries. In order to develop advanced techniques for voltage control in this new context, an adequate and real-time coordination and communication between Transmission System Operators (TSOs) and Distribution System Operators (DSOs) is needed. In this paper, a decentralized TSO-DSO coordination approach for scheduling and deploying optimal reactive power exchanges in the DSO's boundary for improved voltage control in the TSO's networks is proposed. The proposed approach is implemented via a standardized Business Use Case (BUC). The interoperability between the TSO, the DSO, and other stakeholders is solved by designing and developing the BUC within the framework of the International Electrotechnical Commission (IEC) Common Information Model (CIM) family of standards IEC61970, IEC61968, and IEC62325. In view of the lack of pilot tests in the field, the proposed standardized BUC is demonstrated on real-world Slovenian TSO's and DSO's networks. The simulation experiments presented in this paper are twofold. On one hand, the proposed data exchange mechanism based on the standardized BUC demonstrates the feasibility of successfully exchanging data between the TSO, the DSO, and other stakeholders, such as the Significant Grid Users (SGUs) and Meter Operators, as a CIM Common Grid Model Exchange Standard (CGMES) format. On the other hand, the capability of the proposed decentralized TSO-DSO coordination approach to regulate the High Voltage (HV) by managing the reactive power injected by different RES, such as capacitor banks and different Distributed Generators (DGs), viz. hydropower, Photovoltaic (PV), and thermal (co-generation) units, is validated via sensitivity and robustness analyses for different network topologies, DGs’ operating scenarios, and capacitor banks’ sizes and locations. The simulation results show that the proposed approach can manage DGs toward contributing additional (positive or negative) reactive power to reduce the voltage deviations in the grid, improve the power quality at the DSO's boundary by reducing the flow of reactive power from the TSO's to the DSO's networks and vice versa, and keep the HV voltage within safe values. Unfortunately, this is not the case for the capacitor banks, where the capability of the proposed approach to manage their injected reactive power to regulate the HV voltage is highly dependent on their sizes and location, being necessary to be studied on a case-by-case basis.