The TWIST standards organization announces the availability of its new Global Bank Services Billing Standard (BSB).
"This development revolutionizes the practice of reporting bank fees for payment and related services. It is a good example how banks, corporates and software solution providers can work together to deliver with speed standards that are applicable in any country and can add value to any corporate and bank." said Tom Buschman, chairman of TWIST and development manager of Shell Group Treasury
The BSB standard was created at the request of a group of over 80 corporations. The International Bank Compensation Group (IBC), an informal special interest group led by GE, has lobbied the industry to promote electronic communication of bank bills (account analysis statements).
"Corporations will receive detailed and accurate billing statements from banks that support this new capability, thus enhancing process efficiency and optimizing controllership," said Subramanian Shivram, GE Corporate Treasury.
BSB provides a standard means for banks to periodically advise their wholesale clients of their service usage and charges. BSB can be used to communicate in detail and in standard form the type, quantity, price and other information related to bank services billed to wholesale users.
"Citigroup recognizes the value of this Bank Services Billing Standard to our clients and we are pleased to have contributed to its creation. We are committed to delivering valuable, relevant data to our clients utilizing the TWIST standard," said Naveed Sultan, Managing Director and Head of Cash Management for Europe, Middle East and Africa, of Citigroup Global Transaction Services.
BSB is designed to be equally relevant for use regardless of where bank accounts reside: the EU, USA, or elsewhere around the globe.
The TWIST standards organization is the host for the standards creation process and the owner/maintainer of the standard.