BARCLAYS is first UK bank to introduce TWIST BSB Standard to its customers

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February 15, 2008 – Barclays has become the first UK bank to introduce the TWIST BSB 3.1 industry standard for bank services billing (BSB) with the electronic transmission of detailed bank charges to General Electric (GE). The BSB standard will enable the bank’s customers to verify their bank fees in a way that is transparent, accurate and efficient.


TWIST, the corporate driven open standards group, has produced the TWIST BSB standard as the global standard for electronic reporting of bank services and has delivered a best practice on an important issue for treasuries.

Richard Martin, head of Payments and Cash Management, Barclays, said: “The BSB standard is designed to complement existing invoices, giving clients the benefit of electronic file transmission in a versatile format. TWIST BSB will provide increased transparency in the reporting process and enable customers to analyze the volume and identify particular trends within their charges. We’re delighted to be able to provide this cutting edge cash management solution and I believe this service will be hugely valuable to corporate treasurers around the UK.”

Paul Burstein, managing director, Treasury Services Strategic Initiatives, GE Corporate Treasury, said: “Receiving our statement of bank charges in the TWIST BSB format is a real win for GE. With the BSB, we are now able to electronically process and analyze our bank statements. This will lead to more efficient usage of bank services. We look forward to working with Barclays in further projects that improve corporate and bank processes.”

Tom Buschman, chairman of TWIST, said: “Barclays has been a key contributor to the design of the TWIST BSB standard. We are very pleased that Barclays is one of the first banks to implement the standard, delivering efficiency and transparency to a range of its clients.”

GE receives TWIST BSB-files from Barclays creating a transparent relationship between the bank and its customer. Barclays is also introducing the TWIST BSB 3.1 to five additional clients in the first phase. The service is currently only available for UK Sterling accounts.

Barclays Bank PLC. Authorised and regulated by the Financial Services Authority. Registered in England. Registered No: 1026167. Registered Office: 1 Churchill Place, London E14 5HP.



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