Bank Services Billing Standard
Encyclopedia
Large multinational corporations want to streamline their banking practices. In order to do this, 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:
Normally billing in banking has following aspects.
, 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".
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).
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 ActSarbanes-Oxley ActThe Sarbanes–Oxley Act of 2002 , also known as the 'Public Company Accounting Reform and Investor Protection Act' and 'Corporate and Auditing Accountability and Responsibility Act' and commonly called Sarbanes–Oxley, Sarbox or SOX, is a United States federal law enacted on July 30, 2002, which...
Normally billing in banking has following aspects.
- It must be periodic (at pre agreed duration...)
- Details of the transaction must contain ref no. of client
- It also covers statutary payment details if any
- Format can be customised as per the clients requirement
- Mode of presentation can also be selected per clients selection (fax, mail, hard copy...)
- Grouping of services done at various levels
- Tracking of repayment
- Reconciliation 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 TWISTTransaction Workflow Innovation Standards Team
Transaction Workflow Innovation Standards Team is a not-for-profit industry standards group. It does not charge anything for involvement. The main goal of Twist is to create non-proprietary XML message standards for the financial services industry...
, 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".
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).