Bank Services Billing Standard

Background

Large multinational corporations want to streamline their banking practices. In order to dothis, they need all of their bank billing electronically, and in a common format.

Corporations do not know with any degree of accuracy what is being paid to international banks for their services. Main concerns were:

*No way of accurately verifying international bank fees
*Analysis of bank fees is labor intensive
*No way to provide management with global bank relationship metrics
*International cash management fees are decentralized with few controls in place
*Compliance issues, like Sarbanes-Oxley Actnoramlly billing in banking have following aspects.1.It must be periodic (at pre agreend period...)2.Details of the transaction must be given ref no. of client must be their3.It also coveres statutary payment details if any4.fomrat shoulde able to customise as per clints requirements5.Mode of presentation as per clients selection (fax, mail, hard copy...)6.If services of varios types then grouping must be done7.Tracking of repayment8.Recon for repayment

The BSB Standard

Bank Services Billing (BSB) is an industry standard that governs the format of electronic bills send out by financial institutions to wholesale customers (e.g. corporations, governments, institutions). BSB is a statement to report on the corporate customers' usage of financial services and their related charges. It takes the form of a periodic electronic statement that lists all the chargeable service events that occurred during a reporting cycle, along with detailed tax and currency information. This standard is developed by TWIST [ [http://www.twiststandards.org/twiststandards/tiki-index.php?page=FAQs&bl TWIST Standards - Homepage - TWIST Process Innovations Ltd ] ] , a not-for-profit industry group delivering open, XML-based, standards in certain financial processes.

Main idea behind this standard is to "obtain an electronic billing statement from international banks in a standard format" [http://www.weiland-wfg.com/pdf/pr_intl_bank_fee.pdf] .

According to TWIST, Denmark's Danske Bank has become the first European bank to use its bank billing standard to deliver detailed information to corporate treasurers and wholesale clients.The bank is using the Twist BSB standard for the electronic transmission of information relating to bank charges to General Electric (GE) [ [http://www.sibosonline.com/fullstory.asp?id=17444 Danske Bank first to implement Twist billing standard] ] .

Compatible Products

* [http://www.weiland-wfg.com/pdf/bxb.pdf BXB from Weiland Financial Group Inc.]

References