ISO 20022 Submission TWIST BSB standard

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ISO 20022 Submission TWIST BSB standardTWIST has for some years proudly hosted the Global Electronic Bank Services Billing Standard (BSB). BSB is a standard intended for use by banks and their wholesale transaction services users. BSB facilitates a monthly electronic communication of banking fees to their corporate customers and others incurring those fees.

It is TWIST’s intention to submit this standard with ISO 20022 in the near future. BSB registration with ISO 20022 will give users of both standards the assurance of a complete, coordinated, globally relevant set of standards. Recent developments related to ISO 20022 make the incorporation of BSB under the ISO 20022 banner a possibility. ISO 20022 now allows for interoperability between standards, which means the ability to selectively incorporate standards in the ISO 20022 portfolio without radical change to the native syntax of these standards. As a result this will allow incorporation of the TWIST BSB standard into ISO 20022 without adverse impact to the existing users of TWIST BSB.

In the coming months the management of TWIST will make preparations for submission of the BSB standards to ISO 20022. These preparations will be made together with the co-ordinator of the BSB Working Group and TWIST’s Architecture Committee. Existing users of the BSB standard, such as GE and a number of banks, will be involved in the process.

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